XAUUSD Failed to reclaim the 4H MA50. Strong decline ahead.

We expand on our April 15 idea (see chart below) on Gold (XAUUSD), where we discussed the 'necessity' for a medium-term technical pull-back based on its 5-year Cycles:


As you can see that correction happened and the new Bearish Leg of the long-term Bullish Megaphone is well underway. The price got rejected both yesterday and on Friday on the 4H MA50 (blue trend-line), while forming the first 4H MA50/100 Bearish Cross since February 13 2024.

We expect the 4H MA200 (orange trend-line) to be tested shortly but the correction shouldn't stop there. It will either take the long way within the dashed Channel Down towards 2200 or hit that level earlier within the more aggressive blue Channel Down that will seek the dashed bold Higher Lows trend-line. Either way, our medium-term Target is 2200.

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