GOLD WEEKLY CHART MID/LONG TERM ROUTE MAPHello Everyone,
Here’s the latest update on the GOLD weekly chart we’ve been monitoring and trading, offering a detailed overview of the current range.
On the weekly timeframe, a strong resistance level is identified at 2790, which could trigger a reversal. As of now, we recommend holding off on trades since the price could reverse at any moment. Let’s wait for the NY session and keep our positions light.
To streamline your trades, we’ve outlined ENTRY LEVELS and TAKE PROFIT (TP) targets (TP1, TP2, TP3) based on the EMA5. The EMA5 crossing and sustaining above these weighted levels will determine subsequent targets.
Key Update:
ENTRY LEVEL: 2735
If a candle closes above this level and the EMA5 crosses it for confirmation, we will consider bullish entries.
First Target (TP1): 2877
To achieve the second target (TP2: 3018), wait for the EMA5 to close and lock above 2877.
Use the same strategy to target TP3: 3160
Rejection Scenario:
For ranging markets, focus on smaller timeframes (15M, 1H, 4H, 12H, Daily) to buy dips from weighted levels.
Target 120–140 pip moves, which are effective in these conditions while minimizing the risks associated with longer-term positions.
Dip-Buying Strategy:
Continue buying dips at support levels, aiming for 120 - 140 pips per trade.
Each level structure typically provides 60 - 80 pip bounces, making it ideal for accurate entries and exits.
Keep an eye on the EMA5 crossing and locking above or below the ENTRY LEVEL to confirm the next directional range.
Stay sharp and trade smart!
TheQuantumTraders
