XAUUSD Bullish extension expected. Unless this level breaks.

Gold (XAUUSD) has been trading within a very aggressive (blue) Channel Up, which today hit the top of the logarithmic (dotted) 6-month Channel Up. If it is indeed symmetric with the first Bullish Leg of that Channel Up, then it is close to completing a +10.60% rise which should call for a 4H MA50 (blue trend-line) pull-back.

As a result we expect a quick fall to 2305 and then sharp rebound targeting 2500, for a new Higher High on the (blue) Channel Up. If however the price closes below the 4H MA100 (green trend-line), which has been supporting since February 23 2024, and Support 1 (2270), we will sell for the medium-term and target 2150 (Support 2), near the bottom of the (dotted) 6-month Channel Up, which will be a very comfortable buy entry for the long-term.


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