GOLD DAILY CHART MID/LONG TERM UPDATE

Hey Everyone,

This is an update on our daily chart idea that we are now tracking and playing out perfectly, as analysed.

2904 AXIS target was hit previously completing this level and also into the channel top for the perfect finish and rejection.

We then stated that we now have body close above 2904 AXIS but will need ema5 lock to confirm 2959, although the channel top is acting as resistance and therefore will need some ranging movement within the channel so it can slowly ascend into the 2959 respecting the channel dynamics.

- This is playing out perfectly, we got the cross and lock but the channel top is acting, as resistance but we are slowly ascending with the channel for the 2959 gap, which just fell short buy a few pips but we were able to take over 200 pips clean.

We also need to keep in mind the channel half line below to establish floor to provide support for the range, should we continue to track further up. A break below the half line will open the lower part of the channel to establish floor on the channel bottom. The safest way to track this movement is by buying dips.

This is the beauty of our Goldturn channels, which we draw in our unique way, using averages rather than price. This enables us to identify fake-outs and breakouts clearly, as minimal noise in the way our channels are drawn.

We will use our smaller timeframe analysis on the 1H and 4H chart to buy dips from the weighted Goldturns for 30 to 40 pips clean. Ranging markets are perfectly suited for this type of trading, instead of trying to hold longer positions and getting chopped up in the swings up and down in the range.

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 using our smaller timeframe ideas.

Our long term bias is Bullish and therefore we look forward to drops like this from rejections, which allows us to 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