Hey Everyone,
Gold continues to respect the bigger technical picture that we have been tracking for months through our unique Goldturn Channel. While price has now broken below the channel, the structure remains extremely valuable and should not be ignored.
One of the key characteristics of channel analysis is that a breakout doesn't immediately invalidate the channel. More often than not, price will return to retest the outer wall of the broken channel. This retest can act as a major decision point, confirming either:
A rejection from the outer channel wall, reinforcing the bearish breakout.
A move back inside the channel, signalling that the breakout was not strong enough and potentially opening the door for a larger recovery.
This is exactly why we continue tracking the Goldturn Channels even after the initial break.
3974 Remains the Key Support
The 3974 support level continues to prove its importance. As highlighted on the chart, this level has already provided buyers with support previously and is once again acting as the line that bulls need to defend.
As long as 3974 holds, there remains scope for another recovery attempt and a move back towards higher resistance levels.
However, a (EMA5 lock) below 3974 would significantly strengthen the bearish outlook and could extend the move lower, confirming further downside momentum.
Upside Levels to Watch
Should buyers regain control, attention shifts back towards the higher resistance zones shown on the chart.
A daily candle body close above 4235 and ema5 lock would improve the medium-term outlook and could open the path towards 4489.
Market Outlook
For now, 3974 is the crucial level to monitor. Whether gold defends this support or loses it will likely determine the next major directional move.
As always, patience is key.
Mr Gold
Gold continues to respect the bigger technical picture that we have been tracking for months through our unique Goldturn Channel. While price has now broken below the channel, the structure remains extremely valuable and should not be ignored.
One of the key characteristics of channel analysis is that a breakout doesn't immediately invalidate the channel. More often than not, price will return to retest the outer wall of the broken channel. This retest can act as a major decision point, confirming either:
A rejection from the outer channel wall, reinforcing the bearish breakout.
A move back inside the channel, signalling that the breakout was not strong enough and potentially opening the door for a larger recovery.
This is exactly why we continue tracking the Goldturn Channels even after the initial break.
3974 Remains the Key Support
The 3974 support level continues to prove its importance. As highlighted on the chart, this level has already provided buyers with support previously and is once again acting as the line that bulls need to defend.
As long as 3974 holds, there remains scope for another recovery attempt and a move back towards higher resistance levels.
However, a (EMA5 lock) below 3974 would significantly strengthen the bearish outlook and could extend the move lower, confirming further downside momentum.
Upside Levels to Watch
Should buyers regain control, attention shifts back towards the higher resistance zones shown on the chart.
A daily candle body close above 4235 and ema5 lock would improve the medium-term outlook and could open the path towards 4489.
Market Outlook
For now, 3974 is the crucial level to monitor. Whether gold defends this support or loses it will likely determine the next major directional move.
As always, patience is key.
Mr Gold
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כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
🪙 JOIN OUR FREE TELEGRAM GROUP 🪙 t.me/GoldView_FX
🪙 JOIN OUR DISCORD FOR BACKUP 🪙
discord.com/invite/9ZrEHGuaE2
We never DM first
🏆MESSAGE US FOR VIP SIGNALS🏆
t.me/GoldviewFX
or
email goldviewfx@gmail com
🪙 JOIN OUR DISCORD FOR BACKUP 🪙
discord.com/invite/9ZrEHGuaE2
We never DM first
🏆MESSAGE US FOR VIP SIGNALS🏆
t.me/GoldviewFX
or
email goldviewfx@gmail com
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.