This is our weekly chart mid to long term projections we have been tracking for a while now. We saw the rejection at the axis trendline with ema5 failing to break the trendline creating a new resistance Goldturn at 1999.
We stated last week that overall our weekly chart idea shows the target level for this drop into the retracement range, which played out perfectly. We are now looking for this retracement range to hold, as support for another push up.
This retracement area on the weekly chart is a crucial test at support structure. A break below this level and the range will be opened up to include the swing range into the 1858 range.
We will stick with our long term trend buying dips but manage swings for entries on the mid term bearish trend.
We will use our multi timeframe analysis to navigate the range up and down and pick our sweet entries and exits in between.
PREVIOUS WEEKLY UPDATE
Price is now sitting below the axis trendline and also a new Goldturn has formed below the axis trendline making this chart Bearish. We already saw price head towards the retracement range last week with room still left for more - THIS PLAYED OUT EXACTLY HOW WE SAID ON SUNDAY
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!