XAUUSD 4hour MA50 test. Buy if broken.
Gold / XAUUSD keeps its short term Channel Down intact and is now testing the 4hour MA50 for the first time in 10 days.
Buy if broken and target the top of the Channel Down at 1930.
Extend buying only above Resistance A (1937.50) and target Resistance B (1957).
Until that happens, take a low risk / high reward sell targeting Support A at 1895.
Keep in mind that the 4hour RSI crossed over its Channel Down already and is on a Rising Support, meaning a Bullish Divergence. This may be an early signal for a longer term bullish reversal.
Previous chart:
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Buy if broken and target the top of the Channel Down at 1930.
Extend buying only above Resistance A (1937.50) and target Resistance B (1957).
Until that happens, take a low risk / high reward sell targeting Support A at 1895.
Keep in mind that the 4hour RSI crossed over its Channel Down already and is on a Rising Support, meaning a Bullish Divergence. This may be an early signal for a longer term bullish reversal.
Previous chart:
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