GOLD DAILY CHART MID TERM PROJECTION
Hey Everyone,
Please see update on our daily chart idea, which is playing out and respecting the channel dynamics.
As stated last 2 week we were seeing price test the central zone of the channel, which we highlighted to show the flow of the historical challenges in the channel.
The bounces from the central zone the last two weeks gave operantly to by dips using our smaller time frames.
The channel half line and central zone was broken leaving the test for the channel bottom open, which played out last week. We are just short of the full test but but can accept this as support inline with the chart for the bounce highlighted by our arrows.
We are now seeing price head towards 2043 and will need to see a break above this level with ema5 to open test for the range above or a failure to close above this level will see price retrace back down to complete the full channel bottom test.
We will use our smaller timeframe analysis and trading plans to navigate the range in true level to level fashion.
Our long term bias is Bullish and therefore we will continue to use our smaller timeframes to buy dips using our algo generated levels and setups.
Buying dips allows us to safely manage any swings rather then chasing the bull from the top
Please don't forget to like, comment and follow to support us, we really appreciate it!
MR GOLD
XAUUSD TOP AUTHOR
Please see update on our daily chart idea, which is playing out and respecting the channel dynamics.
As stated last 2 week we were seeing price test the central zone of the channel, which we highlighted to show the flow of the historical challenges in the channel.
The bounces from the central zone the last two weeks gave operantly to by dips using our smaller time frames.
The channel half line and central zone was broken leaving the test for the channel bottom open, which played out last week. We are just short of the full test but but can accept this as support inline with the chart for the bounce highlighted by our arrows.
We are now seeing price head towards 2043 and will need to see a break above this level with ema5 to open test for the range above or a failure to close above this level will see price retrace back down to complete the full channel bottom test.
We will use our smaller timeframe analysis and trading plans to navigate the range in true level to level fashion.
Our long term bias is Bullish and therefore we will continue to use our smaller timeframes to buy dips using our algo generated levels and setups.
Buying dips allows us to safely manage any swings rather then chasing the bull from the top
Please don't forget to like, comment and follow to support us, we really appreciate it!
MR GOLD
XAUUSD TOP AUTHOR
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