Gold is neutral on its 1D technical outlook (RSI = 53.070, MACD = 17.020, ADX = 34.480) a direct consequence of the sideways trading between the 4H MA50 and 4H MA200. The price action has rebounded on the former LH trendline, validating that it has resumed the long term bullish trend. The pattern that has prevailed so far is a Channel Up, and the current consolidation is similar to its first bottom sequence. We are bullish, aiming again for the 1.236 Fibonacci extension (TP = 3,420).
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