XAUUSD Channel Down still stands, trade within this range.

Gold (XAUUSD) has been trading within a Channel Down pattern for almost 2 months, with it being the correctional wave from the April - May vastly overbought technical levels. Our focus is now on the shorter term were the 4H MA200 (orange trend-line) continues to act as the Resistance and the new 4H MA100 (green trend-line) rejection should technically pull the price down near the Higher Lows trend-line.

This projection is modelled out of the May 30 - June 14 fractal. Our sell target is 1906.50, unless the price breaks above the 4H MA200, in which case we will buy the break-out and target the 1D MA50 at 1955.

On the medium-term, a bounce on Support 1, can provide the next sell entry that will target the 1D MA200 (red trend-line) within 1,880 - 1,875 which is the long term sellers' target.

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