GOLD TURN CHANNEL BROKEN - observation

We draw channels using our EMA5 gold turns and find this is respected very well in the gold market. We can see the channel has broken on the downside. We are looking for a break above 1880 to resume back into the channel and go for our bull targets. This break outside of the channel opens support level in the region of 1850.

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Comment:

This played out nicely. Broke out of gold turn channel and respected the 1850 support as identified.

As discussed these were areas for us to add to our long positions and now taking partial profits and moving stop to entry.