Gold continues to respect the extended range that we highlighted yesterday, with 3981 as the lower range level and the open gap at 4123 remaining our upside target.
As outlined in our trading plan, we continue to use the lower Goldturn levels at 4076 and 4030 as key reaction zones to buy the dips in line with the broader structure. Although 3981 was not tested, it remains an important level on our radar and would also be expected to provide a reactional bounce should price revisit it.
For now, 4070 is the key level being tested. A successful break above is likely to see price continue towards the 4123 gap. However, if 4070 fails to break and we see rejection, we expect price to rotate back towards the lower Goldturn support levels, where we will again be looking for reactional bounces.
As always, we will continue to monitor the structure and keep you all updated.
Mr Gold
As outlined in our trading plan, we continue to use the lower Goldturn levels at 4076 and 4030 as key reaction zones to buy the dips in line with the broader structure. Although 3981 was not tested, it remains an important level on our radar and would also be expected to provide a reactional bounce should price revisit it.
For now, 4070 is the key level being tested. A successful break above is likely to see price continue towards the 4123 gap. However, if 4070 fails to break and we see rejection, we expect price to rotate back towards the lower Goldturn support levels, where we will again be looking for reactional bounces.
As always, we will continue to monitor the structure and keep you all updated.
Mr Gold
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