XAUUSD: Bullish inside Channel Up. Bearish under it.

30 thg 10, 2023

Gold turned again marginally overbought on its 1D technical outlook (RSI = 70.196, MACD = 25.640, ADX = 45.356) as it managed to stay supported inside the Channel Up pattern of October, over the 4H MA50 as well. Even though Gold's price action this past month took many traders by surprise, its price action is really that simple, a technical Channel Up, which keeps the trend bullish inside it (TP = 2,055) targeting the 3.5 Fibonacci extension (like the October 13th HH) or if it crosses under the 4H MA50, bearish targeting the 4h MA200 and 0.5 Fibonacci global retracement level (TP = 1,922.50).

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