GOLD WEEKLY CHART LONG TERM/RANGE ROUTE MAP

2 Haz

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.

After completing our bullish target of 2438 2 weeks ago confirmed by the body close gap at 2404. No further gap was created and only a wick confirming the rejection.

The rejection completed the detachment to ema5 below as highlighted land also inline with the channel top, which we were looking for a re-test to confirm support.

CURRENT UPDATE
We got the bounce from the channel top into 2360 for a nice catch and now we are seeing price reject at 2360 and closed below the channel top opening the gap below at 2313. We will need to see ema5 also cross into the channel to support the body close for further continuation in the channel or failure of ema5 to cross back into the channel will see another push up from the channel top.

If this support breaks and the channel top does not provide the dynamic support we are looking for then we are likely to see price break back into the channel for a further correction to respect the levels in the channel once again. The levels will then provide the bounces inline with our plans to buy dips, level to level using our smaller time-frames.

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