GoldViewFX - WEEKLY CHART MID/LONG TERM PROJECTIONHey Everyone,
Please see our weekly chart long term projection that we have been tracking for a while now.
LAST UPDATE
As stated last week our ascending Goldturn channel (Our unique way of drawing channels) has been respected well with EMA5 failing to break the channel bottom, which followed with two bullish candles from the channel bottom for a nice bounce.
- this played out with another test last week with a bearish candle test on the channel bottom. we will now need to wait paternity to assess this week for either a ema5 break of the channel bottom for a breakout below or a new Goldturn formation above the channel floor for a nice bounce up.
This was a strong support that we expected a reaction from. This played out perfectly with lots of opportunities to buy dip throughout the week using our smaller timeframe setups. .
Long term we are looking for the axis test at 1954, which was nearly hit and missed by a few pips. However, if we see another challenge to the channel bottom and a break below with ema5 cross and lock, then we are likely to see the range below open up. Failure to lock below the channel bottom and we are likely to see a 1954 axis retest at some point and beyond!!!!
We will continue to track this using our smaller timeframes.
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MR GOLD
