GOLD DAILY CHART ROUTE MAP
Hey everyone,
Price is showing rejection at 4507, just below the top of the channel. This move has also left a large-range body close gap at the 4605 Axis level.
We are now seeing a rejection test into 4320 Goldturn support, which aligns with the channel midline. A reaction is expected at this level.
A EMA5 lock below 4320 would open the range to the downside.
Failure to lock below this level would likely result in a bounce.
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 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