XAUUSD : TAKE EVERYTHING FROM THE INSIDE
As you see, the market couldn't stay that high on an overbought 1D RSI (broke above 70.000 on November 11th) and is having its technical pull-back as we discussed, with short-term traders taking their profits on the November run.
The 1D technicals are harmonized but still very high (RSI # 67.239, MACD # 28.990, ADX # 39.870).
As mentioned, I will buy next on the 4H MA50 (now at 1,738.39 and rising rapidly) or if the 4H RSI hits 40.000 first (probably the two will get realized around the same time).
Those are the typical buy conditions during uptrends.
My target will be the 1D MA200 (1,802.83) and the invalidation level the 1D MA50 (1,680.52).
As for the high correlation assets, the US10Y is finally below its 1D MA50 but I do expect some downwards pressure on Gold due to the DXY which almost hit its 1D MA200 for the first time since June 2021 and is consolidating, potentially preparing a dead cat bounce to its 1D MA50.
All prices mentioned on my analysis are on XAUUSD.
The 1D technicals are harmonized but still very high (RSI # 67.239, MACD # 28.990, ADX # 39.870).
As mentioned, I will buy next on the 4H MA50 (now at 1,738.39 and rising rapidly) or if the 4H RSI hits 40.000 first (probably the two will get realized around the same time).
Those are the typical buy conditions during uptrends.
My target will be the 1D MA200 (1,802.83) and the invalidation level the 1D MA50 (1,680.52).
As for the high correlation assets, the US10Y is finally below its 1D MA50 but I do expect some downwards pressure on Gold due to the DXY which almost hit its 1D MA200 for the first time since June 2021 and is consolidating, potentially preparing a dead cat bounce to its 1D MA50.
All prices mentioned on my analysis are on XAUUSD.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.