GOLD WEEKLY CHART MID/LONG TERM/RANGE ROUTE MAP

Jun 16Hey Everyone,

After tracking and trading our last weekly chart idea successfully over the last few months, we have decided to now update the chart with new levels and re-align the ascending channel.

Although we saw price break out of this channel ema5 has created the true channel top resistance here. Price is now heading towards the channel half line and found support above 2310 Goldturn. Although we have a close below 2310, ema5 remains above 2310 providing the support with a bounce heading towards 2356 for a test.

The channel half line is a crucial level of support on this chart and as long as ema5 remains above the channel half line, we should be able to continue to buy dips. A break and lock below the channel half line will open the range test for the channel bottom.

The levels within the channel will provide the bounces inline with our plans to buy dips in true level to level fashion using our smaller time-frames. Buying dips allows us to safely manage any swings instead of chasing the bull from the top.

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MR GOLD
XAUUSD TOP AUTHOR