GOLD WEEKLY CHART MID/LONG TERM PROJECTION UPDATE

Hey Everyone,

This is an update on our weekly chart idea that we have been tracking and trading successfully over the last few months and currently still being respected.

The swing range bounce provided the momentum for price to break back into the channel. We were then looking for support within the channel.

- 3 weeks price action provided support on the channel bottom followed with our 2048 Axis target hit.

2 weeks prior we had a candle body close above 2048 axis level confirming further play within the channel. Ema5 cross and lock above 2048 axis will further confirm movement to challenge 2092 and the channel half-line. We have the candle body close but no ema5 lock yet.

We got the push up but fell short of the 2092 target, as no ema5 lock above 2048 yet and therefore we saw price retrace down and we stated we were most likely seeing the drop to attach to ema5 and test channel support

- We got the drop into the ema5 detachment and channel support, as suggested above

We are still sitting in the channel structure and supported by many variables in this range from support on the channel bottom, retracement range, Goldturns and the swing range all close by providing a strong support structure.

We need to keep the above in mind and continue with our plans to buy dips using our smaller timeframes, which will allow us to safely take the bounces from support.

Please don't forget to like, comment and follow to support us, we really appreciate it!

MR GOLD
XAUUSD TOP AUTHOR