GOLD DAILY CHART MID/LONG TERM PROJECTION
Hey Everyone,
Please see our daily chart idea that we have been tracking and trading successfully since completing our last daily chart idea.
Last week we were seeing price test the updated Goldturn ascending channel top and stated that we were likely to witness either a break above the channel or some resistance and some correctional retracement for a level to level bounce back up to continue to extend the channel range to retest 2418 and 2504 long term.
As stated we saw the retracement take place and the price test support at at 2325 Goldturn inline with the channel half line. Ema5 5 remained above 2325 confirming the bounce, which we were able to track and trade using our smaller timeframe. A break below the 2325 Goldturn support level will complete the full channel half line test and the potential for a break and lock below the half line to open the levels below until we track to the bottom of the channel or rejection back to re-test the top.
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 our daily chart idea that we have been tracking and trading successfully since completing our last daily chart idea.
Last week we were seeing price test the updated Goldturn ascending channel top and stated that we were likely to witness either a break above the channel or some resistance and some correctional retracement for a level to level bounce back up to continue to extend the channel range to retest 2418 and 2504 long term.
As stated we saw the retracement take place and the price test support at at 2325 Goldturn inline with the channel half line. Ema5 5 remained above 2325 confirming the bounce, which we were able to track and trade using our smaller timeframe. A break below the 2325 Goldturn support level will complete the full channel half line test and the potential for a break and lock below the half line to open the levels below until we track to the bottom of the channel or rejection back to re-test the top.
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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