GOLD DAILY CHART MID/LONG TERM PROJECTION

Hey Everyone,

This is the Updated Daily Chart we shared last week.

We highlighted price testing a support structure on the daily chart with some room still left and that we are expecting a reaction on this zone, also inline with the Goldturn channel support.

- This played out as expected and we got the reaction bounce from 1822 support for a catch using our smaller timeframes.

We also shared last week that we will need to see the channel support break with EMA5 to confirm a structure breakout into the lower range and the break below 1822 will further confirm the breakout from a fakeout.

- EMA5 failed to cross below 1822 due to the bounce and therefore no confirmation for the lower range yet.


The last condition we shared last week was that we needed a new Goldturn formation with EMA5 this week and above the channel support will confirm the reaction for a channel top test above.

- The first part of this turn has formed but we will need another Bullish candle close this week to confirm another push up.

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.

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MR GOLD