XAUUSD Channel Down emerging but reversal if MA50 (1d) breaks
Gold is forming a Channel Down with the price hitting today its top.
The price has been neutral on the long term under the MA50 (1d) since May 17th (1 month).
Until that breaks, sell every high on the short term.
Trading Plan:
1. Buy if the price crosses and closes over the Channel Down.
2. Sell for as long as it remains under it.
Targets:
1. 1980 (MA50 1d)
2. 1915 (bottom of Channel Down).
Tips:
1. The RSI (1d) is over its MA trendline with its bottom coming on May 25th. This potentially indicates the necessity for this correction and sideways consolidation since May 17th after Gold was overbought for far too long the previous months. Overall this is a slightly bullish indicator for the long term.
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The price has been neutral on the long term under the MA50 (1d) since May 17th (1 month).
Until that breaks, sell every high on the short term.
Trading Plan:
1. Buy if the price crosses and closes over the Channel Down.
2. Sell for as long as it remains under it.
Targets:
1. 1980 (MA50 1d)
2. 1915 (bottom of Channel Down).
Tips:
1. The RSI (1d) is over its MA trendline with its bottom coming on May 25th. This potentially indicates the necessity for this correction and sideways consolidation since May 17th after Gold was overbought for far too long the previous months. Overall this is a slightly bullish indicator for the long term.
Please like, follow and comment!!
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