GOLD DAILY CHART MID/LONG TERM UPDATE

Hey Everyone,

This is an update on our daily chart idea that we have been tracking for a while now and finally completed last week. However, I wanted to continue to share an update on this, as its still playing out by falling back into the range on Fridays drop in price.

Historically, whenever we see a breakout outside of our unique Goldturn channels; I always state that, when price does a correction, we look for support outside of the channel top. This is playing out to perfection with Fridays drop finding support on the channel top, as highlighted by us on the chart with a circle. This was done with precision!!

We will now look for a test above at 3052 and a body close above this will follow with continuation to 3103 or a break below inside the channel top wall with ema5 will re-activate the levels below inside the channel, which we can then continue to track back up level to level, like we did before. I have also updated the levels above the channel to cover the new range.

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