XAUUSD on the 1W timeframe shows a bullish technical action still at its start (RSI = 59.100, MACD = 26.140, ADX = 22.906) supported by the fact that this week Gold is rising after holding the 1D MA50, which was the Resistance for the last 2 months.
This rise is an extension of the HL rebound at the bottom of the 8 month Channel Up and has already reached our first TP which was the 1,985.50 R1. A candle close over it (which will also be over the 0.5 Fibonacci level), targets the 0.786 Fibonacci (TP1 = 2,041) and eventually a crossing over R2 targets R3 (TP2 = 2,082).
An key observation is that the 1W RSI is trading inside a Rectangle at the same time as the price's Channel Up. Top can be used to take profit and sell.
A secondary observation is that the 1W MACD is on course to form the first Bullish Cross since November 2022. If it does it will be a huge long term buy signal.
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This rise is an extension of the HL rebound at the bottom of the 8 month Channel Up and has already reached our first TP which was the 1,985.50 R1. A candle close over it (which will also be over the 0.5 Fibonacci level), targets the 0.786 Fibonacci (TP1 = 2,041) and eventually a crossing over R2 targets R3 (TP2 = 2,082).
An key observation is that the 1W RSI is trading inside a Rectangle at the same time as the price's Channel Up. Top can be used to take profit and sell.
A secondary observation is that the 1W MACD is on course to form the first Bullish Cross since November 2022. If it does it will be a huge long term buy signal.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Disclaimer
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Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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.