XAUUSD Is it oversold?

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Gold (XAUUSD) delivered our expected pump and dump move following the higher than expected Nonfarm Payrolls (NFP) on Friday:

XAUUSD forming the first 4H Death Cross in 5 months!


It almost hit our 2280 Target, so we recommend taking the handsome profits as there is high probability of a rebound towards 2360 and another dump. We are willing to re-sell there and target 2280 or if the 2277.50 Support breaks (candle closing below it), in which case our bearish break-out Target will be 2240, which would represent a potential contact with the 1D MA100 (green trend-line).

As mentioned on our previous study, the current Rectangle pattern since mid April is fairly similar to the one from late October 2023 to late February 2024.

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