XAUUSD Few have noticed this Channel Up

14 thg 2, 2023

XAUUSD/ Gold touched today the bottom of a Channel Up pattern that few have noticed, the one that started on November 3rd and contains all the Higher Highs of the uptrend. It goes without saying that it is a make or break situation, keeping the candles inside the Channel Up, will keep the long-term bullish trend valid but a break below, especially since the 1day MA50 is already broken, opens the way to further selling.

Support A is on the 0.382 Fibonacci exactly. Sell below it and target the 0.5 Fibonacci. If the 1day MA200 breaks as well, target the 0.618 Fibonacci, which is the last level before Gold starts another multi month/year of Winter. As always, the best buy opportunity will be when the 1day RSI hits 30.00 and turns oversold.


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