GOLD DAILY CHART ROUTE MAP Hey Everyone,
Please see the daily chart update. As shown, the Goldturn channel is still being respected by price action. After a failed breakout attempt above the channel alongside the EMA5, we saw a rejection back toward the channels half line, a level we've identified as a potential support zone.
This support held, resulting in a bounce that aligns with our strategy of buying dips. As long as price continues to hold above this level and the EMA5 remains supportive, we could see a gradual move back toward higher levels. However, if the midline is retested and fails, and the EMA5 crosses below the half line, this could signal a potential move toward the lower boundary of the channel.
This is the beauty of our Goldturn channels, drawn using weighted averages instead of pure price action. This unique approach helps us clearly identify fake-outs and real breakouts, cutting out much of the noise that usually confuses traders.
Moving forward, we’ll focus on smaller timeframes (1H and 4H) to buy dips off the weighted Goldturns, aiming for clean 30–40 pip moves. Ranging markets are perfect for this style, allowing us to capitalize on quick moves without getting caught in the chop of larger swings.
Thank you all again for your continued likes, comments, and follows, we truly appreciate your support!
Mr Gold
GoldViewFX
