XAUUSD: First 4H Death Cross in almost 5 months! Is it bearish?

4 thg 6

Gold is neutral on the 1D timeframe (RSI = 47.738) but turned bearish on its 4H technical outlook (RSI = 42.512, MACD = -2.860, ADX = 30.716) as it formed the first 4H Death Cross since January 15th. If Gold fails to reclaim the 1D MA50 and establish a week of trading over it, we project a slow decline same as January-February aiming at the S1 level (TP = 2,300). The long term trend will remain bullish though as long as the 1D MA100 supports.

See how our prior idea has worked out:

## If you like our free content follow our profile to get more daily ideas. ##

## Comments and likes are greatly appreciated. ##