Long

XAUUSD hit the 4H MA200. Buy opportunity.

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).

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