XAUUSD: Reached the bottom of the 8 month Channel Up. Strong buy
Gold hit the bottom of the Channel Up that started back in November turning the 1D technicals bearish (RSI = 38.023, MACD = -15.070, ADX = 40.852). The 1D RSI in particular is printing a sequence very much like the Channel's previous bottom on February 27th. On both patterns Gold traded under the 1D MA50 for long, this time has been under it since May 17th.
We are taking this rare long term opportunity to go long and target initially the R1 (TP = 1,970) on a potential contact with the 1D MA50. Then we will see if it's worth adding a buy on the next pull back as long as the Channel Up bottom holds and start targeting the upper R levels.
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We are taking this rare long term opportunity to go long and target initially the R1 (TP = 1,970) on a potential contact with the 1D MA50. Then we will see if it's worth adding a buy on the next pull back as long as the Channel Up bottom holds and start targeting the upper R levels.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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