1D Channel Down testing the support. Long term bearish.
After making a new Lower High on the 1D Channel Down (RSI = 42.763, MACD = -0.240, Highs/Lows = -4.5993, B/BP = -4.9820), XAUUSD is now aiming for a Lower Low just below our first TP = 1,180.50. There are probabilities that the 1D Channel Down will bounce to a new Lower High near 1,204, but with USDCNY testing the 6.9355 1D High and DXY crossing 96.00 again, the current 4H Channel Down on Gold (RSI = 35.490, MACD = -0.350, Highs/Lows = -9.7593) has more chances this time to break aggressively towards 1,170. If 1,177 is crossed, the 1D Channel Down breaks to the downside and the only support is located at 1,160.50. TP2 = 1,172 intact.
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