GOLD DAILY CHART UPDATE

Aug 4Hey Everyone,

Please see update on our daily chart structure that we have been tracking successfully for a while now..

Previously we had the cross and lock above 2355, leaving a gap open to 2405 and same with 2405 opening 2464, which were all completed and then followed with the rejection into the retracement range.

We the had 2355 retracement range providing support and the re-actional bounce, as analysed and we stated that we will either look for a ema5 lock below this level to open the range below or a failure to lock below this level will follow with the upper range tests again.

- This played out perfectly with no cross and lock below 2355 and therefore we got the perfect bounce re-testing all the targets above.

We now have 2464 test again and will need ema5 cross and lock to open the gap above. However, being the daily chart, we sometimes do not get the time to enter for the gap like the smaller timeframes, as the move gets done before the gap opens. Therefore, we can use a candle body close above 2464, as an earlier confirmation for the gap.

We have marked the charts with our unique weighted levels and will use them to track the movement up and down, confirmed with ema5 cross and lock confirmation.

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 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