On last week's Gold (XAUUSD) analysis we called it was time to finally break below the 1W MA50 (chart below) and it did in spectacular fashion, already hitting the 1850 target:
The price now almost hit the 1W MA200 (red trend-line) and being near the bottom (Lower Lows trend-line) of the 5-month Channel Down, the conditions for a short-term (at least) rebound emerge. The 1D RSI hit 20.00, the lowest it has been in almost 7 years (since December 14 2016) and that enhances the probabilities of a rebound. The current Channel Down resembles that of 2022 and as you see all rebounds to Lower Highs hit at least either the 0.5 Fibonacci retracement level or the 1D MA50 (blue trend-line). We are therefore targeting the new 0.5 Fib at 1885 for the moment, unless the price hits the 1D MA50 first.
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The price now almost hit the 1W MA200 (red trend-line) and being near the bottom (Lower Lows trend-line) of the 5-month Channel Down, the conditions for a short-term (at least) rebound emerge. The 1D RSI hit 20.00, the lowest it has been in almost 7 years (since December 14 2016) and that enhances the probabilities of a rebound. The current Channel Down resembles that of 2022 and as you see all rebounds to Lower Highs hit at least either the 0.5 Fibonacci retracement level or the 1D MA50 (blue trend-line). We are therefore targeting the new 0.5 Fib at 1885 for the moment, unless the price hits the 1D MA50 first.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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