XAUUSD hit the 4H MA200. Buy opportunity.

1 055
Gold experienced strong selling yesterday on the 4H time-frame, which technically was the result of the Channel Up making a Higher High. So far the pull-back has stopped on the 4H MA200 (orange trend-line) and as it holds, at the same time the RSI bounced on its 1 month Support Zone. This creates buy conditions again.

Technically it appears to be forming a similar pattern to the October Channel Up, which resulted in a very bullish break-out rally in November. As such, my immediate target is the next Resistance (1877.50) and in extension, if a 1D candle closes above it, then the 3.0 Fibonacci extension (1938.50).



--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------

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.