Short

XAUUSD Is this a dead-cat-bounce?

Gold (XAUUSD) is on the 2nd straight bullish 1D candle after Wednesday's 2001.50 bottom. With this rebound it has recovered the 1D MA50 (blue trend-line), which it broke and closed below it on Wednesday. However this is the only (so far) divergence from the early 2023 pattern, which started with a massive reversal on the 1811.50 - 1805.00 Support Zone, the rally turned into a Channel Up and then reversed to a Channel Down below the 1D MA50 that hit in succession the 0.382, 0.5, 0.618.

As a result, as long as the (dotted) Channel Down holds, we remain bearish, aiming at 1973 (the 0.382 - Support 1 Zone), which is marginally above the 1D MA200 (orange trend-line). Notice also how symmetrical the 1D RSI sequences between the two patterns are.

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