GOLD WEEKLY CHART MID/LONG TERM PROJECTION UPDATE
Hey Everyone,
This is an update on our weekly chart idea that we have been tracking and trading successfully over the last few months and currently still being respected.
So far we were able to track the entre move up and down twice with level to level tracking and our long term swing range zones have also provided the bounces each time.
Last week we advised we were seeing the channel half line break with two weekly candle close above the half line with a long term gap open to 2199. However, we have a correctional retracement level at 2137 inline with the channel half line for a correction and potential support. We need to also keep in mind there is a ema5 detachment just below the half-line highlighted with a circle that may attach if any news drives momentum below the correction.
- We got the target at 2199 perfectly followed with the retracement last week into the channel half line, as suggested, just short of 2137 and ema5 detachment.
We are now looking for support above 2137 or a break and lock below to open the lower half of the channel.
We need to keep the above in mind and continue with our plans to buy dips using our smaller timeframes, which will allow us to safely take the bounces from support.
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
This is an update on our weekly chart idea that we have been tracking and trading successfully over the last few months and currently still being respected.
So far we were able to track the entre move up and down twice with level to level tracking and our long term swing range zones have also provided the bounces each time.
Last week we advised we were seeing the channel half line break with two weekly candle close above the half line with a long term gap open to 2199. However, we have a correctional retracement level at 2137 inline with the channel half line for a correction and potential support. We need to also keep in mind there is a ema5 detachment just below the half-line highlighted with a circle that may attach if any news drives momentum below the correction.
- We got the target at 2199 perfectly followed with the retracement last week into the channel half line, as suggested, just short of 2137 and ema5 detachment.
We are now looking for support above 2137 or a break and lock below to open the lower half of the channel.
We need to keep the above in mind and continue with our plans to buy dips using our smaller timeframes, which will allow us to safely take the bounces from support.
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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