Long

XAUUSD is trying to hold the 1D MA50. Huge rally if it succeeds.

Gold (XAUUSD) eventually broke above the 2 month Channel Down and even made a candle closing above the 1D MA50 (blue trend-line) last week:

XAUUSD Channel Down still stands, trade within this range.

Currently the big development for buyers would be to hold the 1D MA50 and establish it as the new long-term Support. Based on both the 1D RSI and 1D MACD, Gold has alreayd formed a technical bottom similar to the February 27 2023 and October 21 2022 patterns. Assuming the long-term pattern is a Channel Up, this latest bottom is a technical Higher Low.

As a result, if the price breaks above Resistance 1 (1968.50), we expect a bullish extension first to Resistance 2 (2020) and then Resistance 3 and All Time High at 2080.

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