Hey Everyone,
Quick update on our Daily chart Goldturn channel setup.
Since our last post, price action has continued to play out within the structure as anticipated but with a new development: we’ve now had the challenge and rejection at the channel top. Price challenged the 3433 axis again but failed to lock above, confirming the resistance remains firm at this level.
To confirm a continuation higher into 3564, we’ll now need to see either a blue candle body close or the EMA5 cross and lock cleanly outside the channel. Without that confirmation, we treat any move to the top as a potential fade opportunity, not a breakout.
On the downside, daily support at 3272 remains intact and continues to anchor our range structure. As long as price holds above this level, we maintain our strategy of buying dips, especially when supported by our weighted Goldturn zones on lower timeframes (1H, 4H).
This rejection further validates the precision of our Goldturn channel. The structure continues to guide us effectively filtering the noise and keeping us on the right side of the setup.
Stay disciplined. The range is still in play until we get a clear break and hold above the top.
Watch 3272 and 3433 closely. The next move will hinge on whether bulls can finally break the ceiling or if sellers continue to defend this range top.
Let the market show its hand.
Mr Gold
GoldViewFX
Quick update on our Daily chart Goldturn channel setup.
Since our last post, price action has continued to play out within the structure as anticipated but with a new development: we’ve now had the challenge and rejection at the channel top. Price challenged the 3433 axis again but failed to lock above, confirming the resistance remains firm at this level.
To confirm a continuation higher into 3564, we’ll now need to see either a blue candle body close or the EMA5 cross and lock cleanly outside the channel. Without that confirmation, we treat any move to the top as a potential fade opportunity, not a breakout.
On the downside, daily support at 3272 remains intact and continues to anchor our range structure. As long as price holds above this level, we maintain our strategy of buying dips, especially when supported by our weighted Goldturn zones on lower timeframes (1H, 4H).
This rejection further validates the precision of our Goldturn channel. The structure continues to guide us effectively filtering the noise and keeping us on the right side of the setup.
Stay disciplined. The range is still in play until we get a clear break and hold above the top.
Watch 3272 and 3433 closely. The next move will hinge on whether bulls can finally break the ceiling or if sellers continue to defend this range top.
Let the market show its hand.
Mr Gold
GoldViewFX
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🪙 JOIN OUR DISCORD FOR BACKUP 🪙
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.