XAUUSD: Top of January Channel Up. Short term pull back ahead.

Gold has turned overbought on its 1D technical outlook (RSI = 74.055, MACD = 39.900, ADX = 58.383) and even though the long term trend remains bullish and that shouldn't affect it to a great extent, a short term Bearish Divergence on the 1H RSI (LH) and the fact that the price hit today the top of the 1 month Channel Up, calls for a quick sell. The two +4% bullish waves pulled back by at least -1% and we've always seen a 1H MA100 test on this pattern. Consequently, our short term target is near it (TP = 2,815).


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