XAUUSD: Channel Up correcting but will now resume bullish trend.
Gold is overbought on its 1D technical outlook (RSI = 71.385, MACD = 54.590, ADX = 56.363) and today's pullback comes as a natural technical correction inside the Channel Up pattern. The 4H MA50 is the short term support and as long as it holds, we anticipate an extension of the bullish wave now that the P1 level (former Resistance) is hit, same to what happened on February 3rd. Aim for a full +5.50% extension (TP = 2,980).
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