GOLD DAILY CHART MID TERM PROJECTION

Hey Everyone,

Quick update on our daily chart idea, which is playing out and respecting the channel dynamics.

As stated last week we were seeing price test the central zone of the channel, which we highlighted to show the flow of the historical challenges in the channel.

We were expecting a likely bounce from this support zone inline with historical patters, which played out beautifully for us last week with a perfect finish buying the dip to finish with a strong week.

However, this week we need to take caution, as not only do we have a candle body close above 2043 opening range above, which will need em5 cross above 2034 to further confirm this but last weeks dip also left a cross below the channel half line with ema5 leaving a bearish gap open to test the channel bottom at 1998.

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