XAUUSD has been trading inside a Parabolic Channel for 2 months. Such patterns technically end with a break down of the formation and pull backs to lower MA periods and Fibonacci levels. The parabolic state of Gold is evident on the overbought technicals both on the 1D and 4H time-frames (4H RSI = 72.910, MACD = 14.330, ADX = 59.897). The 4H RSI in particular shows clear exhaustion technically.
At the moment the 4H MA50 is rising almost parrallel to the bottom of the Parabola. A crossing below it targets the 0.382, where the first (short-term) buyers can be found. The 0.5 Fibonacci is a strong Support candidate since it has been a Resistance level three times and Support two times and is very likely to make contact with the 4H MA200 and 1D MA50 there. If the fall is more aggressive contact with the 1D MA50 could be made on the 0.618 Fibonacci, which is the golden ratio and strong medium/ long-term buying accumulation should be witnessed.
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At the moment the 4H MA50 is rising almost parrallel to the bottom of the Parabola. A crossing below it targets the 0.382, where the first (short-term) buyers can be found. The 0.5 Fibonacci is a strong Support candidate since it has been a Resistance level three times and Support two times and is very likely to make contact with the 4H MA200 and 1D MA50 there. If the fall is more aggressive contact with the 1D MA50 could be made on the 0.618 Fibonacci, which is the golden ratio and strong medium/ long-term buying accumulation should be witnessed.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
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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.