Yes, this is correct, and I was too black and white in my statement. It is reasonable if you have gone around for an irrelevant reason as you state to stay at circling limit,fly a circuit and land as long as you remain in visual sight of the airfield at all times. Effectively on the go-around and overhead you will lose it, but as long as temporarily you have visual reference and are aware of your position, I see nothing wrong with that. I'm thinking Chambery, where you carry out a long ILS to RW18, break off, fly a circuit to the east to land on 36. If you then have to go-around, you either climb back out on the localiser or can go straight into another visual circuit with ATC consent. But you must be disciplined. If you lose contact, then an immediate go-around must be flown.