Long

XAUUSD Channel Up bottomed, giving a strong buy signal.

Gold (XAUUSD) has been trading within a 1-month Channel Up since the May 20 low and right now it is consolidating within and just outside the 4H MA50 (blue trend-line) and 4H MA100 (green trend-line) zone. At the same time, it has touched the bottom of the Channel Up.

This is exactly the kind of price action the pattern had during its previous bottom formation following a Higher Low (June 9-11). With the 4H RSI having also formed a Higher Low pattern consistent with all previous 3 Lows, we expect the price to start its new Bullish Leg now. Our Target is 3495 (+4.75% from the bottom).

-------------------------------------------------------------------------------

** 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. **

-------------------------------------------------------------------------------
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇

TradingShot

👑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!

Also on:

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.

TradingShot

Also on: