Gold (XAUUSD) had its strongest short-term rally since March and succeeded at breaking above its long-term bearish trend (Channel Down) and 1D MA100 (green trend-line), confirming our bullish outlook on our previous analysis:
Even though it didn't hit the 1D MA200 (orange trend-line), the yellow metal is already showing the first signs of exhaustion and if it makes a new Low as opposed to Friday, it would be natural to see bottom buyers take their profit. With the 1D RSI trading inside a Channel Up, we have strong evidence that we are in a similar top as October 04. A potential pull-back should test the first Support levels of the 1D MA100 and 4H MA50 (red trend-line). If they hold, expect a Resistance and Higher Highs test. If broken, then revisit of the 1660 level (within 0.618 - 0.786 Fib), which would be the strongest buy level for the long-term.
If however the Higher Highs break first, buy into the short-term rally and target the 1D MA200. After that, only a closing above the 1D MA200 can justify a long-term buy to the next Resistance.
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Even though it didn't hit the 1D MA200 (orange trend-line), the yellow metal is already showing the first signs of exhaustion and if it makes a new Low as opposed to Friday, it would be natural to see bottom buyers take their profit. With the 1D RSI trading inside a Channel Up, we have strong evidence that we are in a similar top as October 04. A potential pull-back should test the first Support levels of the 1D MA100 and 4H MA50 (red trend-line). If they hold, expect a Resistance and Higher Highs test. If broken, then revisit of the 1660 level (within 0.618 - 0.786 Fib), which would be the strongest buy level for the long-term.
If however the Higher Highs break first, buy into the short-term rally and target the 1D MA200. After that, only a closing above the 1D MA200 can justify a long-term buy to the next Resistance.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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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.