GOLD MARKET UPDATE

12 nov.

Hey Everyone,

This is the weekly chart we have been tracking for over 1 month now and also shared on Sunday.

Last update we stated that EMA5 failed to lock above, which followed with the rejection last week but still maintaining support above the channel top.

We also stated that we will be keeping in mind the channel top for long range corrections, which is likely to provide support like we stated before.

- This played out perfectly with the correction that we are seeing now testing the channel top inline with the weekly chart retracement range. We are now expecting a reaction here.

If the channel top continues to provide support then we will track the movement up, confirmed with ema5 cross and lock or candle body close.

However, if we continue to see tests on the channel top and then get a break inside the channel, then we will track the movement down, inline with our plans to buy dips, using our smaller time-frames, keeping in mind the long range gap for the future.

Buying dips allows us to safely manage any swings, instead of chasing the bull from the top.

OUR 1H AND 4 CHART UPDATE





Bothe of these charts have tested the swing range, which gave the 40 pip bounces, just like we always state but didn't get the full swing yet. (This is the reason why we always state 40 pip bounces on our weighted levels, as it always delivers, even when it breaks through.)

We are now tracking the 4H chart, where price is playing above the support structure. As long as price maintains above the 4h chart support structure, we should see a correction back up to test the upper Goldturns.

Thank you all for your likes, comments and follows, we really appreciate it!

Mr Gold
GoldViewFX