Gold Spot / U.S. DollarUpdated GOLD WEEKLY CHART MID/LONG TERM ROUTE MAP UPDATED
Hello Everyone,
Here’s the latest update on the GOLD weekly chart we’ve been closely monitoring and trading. Below is a detailed overview of the current range we've been tracking for an extended period.
Previously, we identified a strong resistance level at 2790, which we highlighted as a potential trigger for a reversal. At that time, we recommended holding off on trades since the price was prone to reverse at any moment. Additionally, we mentioned that if EMA5 crosses and holds above the ENTRY LEVEL at 2735.35, it would signal a buy opportunity with a target at TP1. However, the EMA5 has not crossed this level yet, and we are still waiting for confirmation.
Our analysis played out perfectly. There were multiple break attempts into the channel, but EMA5 failed to cross the ENTRY LEVEL, confirming rejection as anticipated.
This week started with a significant bounce on Monday, with the FVG providing solid support in the 2730-2735 range. This support could potentially help the price make another attempt to cross the resistance level. However, we will wait for confirmation by seeing if EMA5 crosses and holds above 2735.
For more details, check our smaller timeframes for a deeper insight.
Please follow our channel, and don’t forget to show your support by liking, commenting, and following.
The QUANTUM Trading Mastery
Here’s the latest update on the GOLD weekly chart we’ve been closely monitoring and trading. Below is a detailed overview of the current range we've been tracking for an extended period.
Previously, we identified a strong resistance level at 2790, which we highlighted as a potential trigger for a reversal. At that time, we recommended holding off on trades since the price was prone to reverse at any moment. Additionally, we mentioned that if EMA5 crosses and holds above the ENTRY LEVEL at 2735.35, it would signal a buy opportunity with a target at TP1. However, the EMA5 has not crossed this level yet, and we are still waiting for confirmation.
Our analysis played out perfectly. There were multiple break attempts into the channel, but EMA5 failed to cross the ENTRY LEVEL, confirming rejection as anticipated.
This week started with a significant bounce on Monday, with the FVG providing solid support in the 2730-2735 range. This support could potentially help the price make another attempt to cross the resistance level. However, we will wait for confirmation by seeing if EMA5 crosses and holds above 2735.
For more details, check our smaller timeframes for a deeper insight.
Please follow our channel, and don’t forget to show your support by liking, commenting, and following.
The QUANTUM Trading Mastery
Trade active
TRADE is active, keep an eye on EMA5. Its very close to cross and lock above ENTRY LEVEL 2735. As stated earlier If EMA5 cross and lock above 2735, it will open next target to TP1 2877
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.