GoldViewFX - Gold long term projection and plan.

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hey Everyone,

This is our monthly chart long term projection chart. We have been tracking this chart since July 2023, which we saw completed hitting all our targets perfectly with a perfect finish on the channel top.

We then tracked the rejection from the channel top into the monthly chart detachment highlighted by the circle with room still left at 1987 for a test, also inline with the channel half line.

We then suggested that we will see a reaction on this channel half line for another push up to retest the upper range again.

- Once again this played out accordingly for the push up hitting our Bullish targets once again.

However, the 2080 target was left short just by a few pips so can still be considered open. Since then we saw the new monthly candle come down to attach to ema5 this month also highlighted with a circle on the chart. We are looking for dynamic suport here for a push up. If dynamic support fails to hold price here then we are likely to see price support above 1987.

- Just like we said we got the ema5 detachment complete but no dynamic support. 1987 provided the support and the bounce, as advised previously.

We are likely to see price now play between this big range. A break below 1987 will see the lower half of the channel range open up. However, support above this level inline with the channel half-line will give opportunities longer term to buy dips back into the 2080 level long term.

BOOOOM!!!! Our 2080 target that we have been suggesting and targeting from dips was now hit perfectly last week. We now have 2163, as our long range target to complete this chart idea.

2161 was hit last week completing our projection from last week for another perfect hit. We now now either see this channel break and go for the 2235 level or a rejection here for a correctional retracement will see price find support at the highlighted Goldlturns for a reaction until the bulls find momentum again to extent the channel range to then target 2235 and 2296 long term.

- This played out perfectly with the 2235 target hit perfectly and now our long term at 2296 left for the extended range. Once again we have highlighted and updated a route map within the channel for retracement and support tests and levels to extend the range and channel top for the future. We will also keep in mind 2080 is holding the structure above the channel half line support.

Trying to chase the right target is like chasing your tail. The best strategy to trade this, is by having a long term plan. We will continue to buy dips using our smaller timeframes and use the support ranges on this chart to plan our long term exposure to market.

As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it!





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