GOLD DAILY CHART MID TERM PROJECTION

Hey Everyone,

Please see our daily chart idea that we have been tracking for a while now, which is playing out and respecting dynamics perfectly.

Previously we got the 2043 hit, as analysed and we advised that we will be waiting to see either ema5 cross and lock above 2043 to open the range above or a new Goldturn formation below 2043 to confirm rejection into the channel bottom.

- This played out perfectly with No ema5 cross above 2043 confirming a new Goldlturn below for the rejection into the channel bottom.

We then stated that we are seeing price at support for a bounce or we will need to see ema5 cross below the channel bottom to open 1998 Goldturn test

- This played out perfectly with the ema5 cross and lock below the channel bottom opening 1998, which was hit 2 weeks ago. EMA5 did not cross below 1998, which provided the support for the bounce.

We then stated that if this support holds, we are likely to see a test at 2043 to re - enter the channel dynamics. Failure to test and break the channel again will likely see another dip down keeping in mind we have ma200 sitting below for a long range dynamic support.

- This is now playing out, as last week we saw the 1998 level hold for the bounce like we suggested and now heading towards the 2043 longer range target identified 1 week ago.

This played out perfectly last week with 2043 hit followed with our 2089 axis target to perfection!!!. We will now need to see ema5 lock inside the channel above to confirm a continuation in the new range above or a possible correctional retracement at 2043 for support before we see further challenges and tests above.

We will use our smaller timeframe analysis and trading plans to navigate the range in true level to level fashion.

Our long term bias is Bullish and therefore we will continue to use our smaller timeframes to buy dips using our algo generated levels and setups.

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