Short

XAUUSD Bear Flag on 4H.

Gold (XAUUSD) eventually did get rejected on the 0.618 Fibonacci level as per our last week analysis (see chart below):

XAUUSD Approaching the cyclical rejection level. Strong Sell.

This is so far consistent with all previous All Time Highs since August 2020 and our long-term target remains 1975. On the shorter term though we see a quick sell opportunity following today's bounce after the 4H MA50 (blue trend-line) break-out, as it is consistent with all such break-outs (red ellipses) within the 2-month Channel Up.

Every Bearish Leg of this Channel Up declined by more than -4.00% but on our short-term horizon we will settle for a 2020 target, which will be a 1D MA50 (red trend-line) test. See also how consistent the 4H MACD sequences are.

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