GOLD DAILY CHART SHORT/MID TERM ROUTE MAPHey Everyone,
Please see update on our daily chart idea that we have been tracking for a while with the updated retracement and swing range.
Previously we analysed and highlighted our long range gap above at 2690, as we had ema5 cross and lock above 2645 opening 2690. We also stated that the daily chart averages are lagging so sometimes gaps get filled before ema5 confirmation, in which case candle body close gaps are suffice and that this gap had both.
- 2690 was hit perfectly completing this target. We then had a candle body close above 2690, highlighted with a circle on the chart, opening 2725, as ema5 still lagging. We got the push up nicely but just short of the target, which now remains open for this week.
We will now look for a ema5 lock or candle body close above 2725 for a continuation above or a rejection here will see the lower Goldturns tested for support.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up.
Our long term bias is Bullish and therefore we will continue to use our smaller timeframes to buy dips using our levels and setups.
Buying dips allows us to safely manage any swings rather then chasing the bull from the top.
Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
