Xauusd Market update ( 24/02/2023)

Price is testing support structure at 1817. We waited patiently and took a buy entry with a safe exit at 1825. It looks like this level is being tested again now and a break below this level with EMA5 will open the 4H chart swing range. The 1h CHART has already locked below 1824 confirming further movement down. However the 4H chart lock will also further reconfirm the movement down.

Staying above the swing range maintains the overall Bullish structure in this short term trend down. Therefore, we will we only execute calculated trades from support levels to make sure we remain with our long term trend and use our sell setups to identify the support floors for bounces to catch like today.

LAST UPDATE

Please see our updated 4H chart

1817 Gold, which was the previous swing range provided support for the swing up. This is level is a strong support structure. Should we see 1817 challenged and broken with EMA5 we will see the new swing range open below down to 1779. However, right now we are seeing 1817 support providing a nice push up with a candle body close above 1836 opening a gap to 1854. This gap target of 1854 will be strengthened should we see ema5 cross and lock above 1836 with a potential follow through to 1865.

Short-term technical structure may look Bearish but the overall long term structure is still Bullish . We will trade against the short term trend and stay within the long term trend and trade retracements for now and continue to buy dips.

Bullish Targets

1854

1865

EMA5 CROSS AND LOCK ABOVE 1865 WILL OPEN 1882, 1894 and 1906

Bearish Targets

1836 - DONE

1817 - DONE

EMA5 CROSS AND LOCK BELOW 1817 WILL OPEN 1797 AND 1779

SWING RANGE

1797 - 1779