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XAUUSD 4hour MA50 and Resistance levels before the Fed
XAUUSD had an important bearish breach yesterday after it closed under the 4hour MA50 for the first time since December and it fell as low as to break even the bottom of the long term Channel Up.
In typical denial fashion, the price rebounded immediately to test the 4hour MA50 as its Resistance for the market to see how many short term buyers are left. Under 1935.50 keeps the trend bearish aimed at the 1897 - 1893 Support Zone. Above 1935.50, we eye the 1949.50 High and a Higher High on the Rising Resistance.
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In typical denial fashion, the price rebounded immediately to test the 4hour MA50 as its Resistance for the market to see how many short term buyers are left. Under 1935.50 keeps the trend bearish aimed at the 1897 - 1893 Support Zone. Above 1935.50, we eye the 1949.50 High and a Higher High on the Rising Resistance.
Follow us, like the idea and leave a comment below!!
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