Last week (June 18, see chart below), we analyzed Gold (XAUUSD) on the 1D time-frame, clearly stating that the May 20 Channel Down was more likely ready to reject the price on its top (which is what happened) and then make one final pull towards the 1D MA100:
This week we want to put that medium-term price action into a longer term perspective, presenting to you the 1W outlook. As you can see the current 1-month correction is nothing but a technical pull-back for the 2-year Channel Up in the form of a Bearish Leg. The 1D MA100 (red trend-line) has been the first line of Support on all of those Legs with the 1W MA50 (blue trend-line) being the 2nd and the 1W MA200 (orange trend-line) the 3rd, which has only made contact once in more than 1.5 years.
Since that is now much below the Channel Up, if the 1D MA100 fails to hold, then the next and final in our opinion level of long-term accumulation should be done on the 1W MA50, which is now perfectly located at the bottom of the Channel Up.
The similarities between all Bearish Legs RSI (in 1W terms), show however that the 1D MA100 will most likely hold. If it does, then the 1W RSI should break above its MA level (yellow trend-line) and confirm the new Bullish Leg, otherwise the 1W MA50 becomes a strong probability, like the July 24 2023 rejection.
With regards to the Target, our long-term candidate is 2600, very well placed near the top (Higher Highs trend-line) of the 2-year Channel Up.
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This week we want to put that medium-term price action into a longer term perspective, presenting to you the 1W outlook. As you can see the current 1-month correction is nothing but a technical pull-back for the 2-year Channel Up in the form of a Bearish Leg. The 1D MA100 (red trend-line) has been the first line of Support on all of those Legs with the 1W MA50 (blue trend-line) being the 2nd and the 1W MA200 (orange trend-line) the 3rd, which has only made contact once in more than 1.5 years.
Since that is now much below the Channel Up, if the 1D MA100 fails to hold, then the next and final in our opinion level of long-term accumulation should be done on the 1W MA50, which is now perfectly located at the bottom of the Channel Up.
The similarities between all Bearish Legs RSI (in 1W terms), show however that the 1D MA100 will most likely hold. If it does, then the 1W RSI should break above its MA level (yellow trend-line) and confirm the new Bullish Leg, otherwise the 1W MA50 becomes a strong probability, like the July 24 2023 rejection.
With regards to the Target, our long-term candidate is 2600, very well placed near the top (Higher Highs trend-line) of the 2-year Channel Up.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.