XAUUSD on a Support. Trading plan ahead.

Gold (XAUUSD) has been pulling-back on Lower Highs since the August 10 High. It is trading below all short-term MA periods, the 4H MA50 (blue trend-line), the 4H MA200 (orange trend-line) and the 1D MA50 (red trend-line).

However having hit the 4H Oversold Zone and the (red) pivot, which is the high volatility range, it is likely to rebound. Best to engage with longs only if the 1D MA50 breaks, which had the last rejection on August 25. A break below the Pivot Zone should test the 1680 level (multi-year Support). Only a break above the 1D MA200 (green trend-line) should be capable of restoring the long-term bullish trend.

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