GOLD DAILY CHART MARKET UPDATE

Hey Everyone,

The Gold Turn ascending channel floor has now been broken, confirming a shift in market structure.

Adding to the bearish outlook, the EMA5 crossed and locked below 4495, which opened the downside target at 4354. That target has now been successfully filled, validating the bearish continuation scenario outlined previously.

We are now seeing price break out of the ascending channel to the downside. Before updating and drawing a new channel structure, we typically wait for the start of a new trading week. Historically, after a breakout of this nature, the market often retests the channel floor it broke below, using it as a resistance test.

From there, one of two things usually happens:

Bearish Confirmation: Price retests the former channel floor, finds resistance, rejects lower, and confirms the breakout.

False Breakout: Price breaks back above the channel floor and re-enters the channel, invalidating the downside breakout.

For now, all eyes will be on how price reacts around the broken channel boundary. This retest phase is often critical in determining the next major directional move.

We will monitor price action closely throughout the week and keep you all updated as the market develops.

Mr Gold

Goldviewfx

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