XAUUSD: Channel Up on 4H.
Gold is neutral on its 4H technical outlook (RSI = 55.793, MACD = 4.760, ADX = 31.119) as it reached today the bottom HL trendline of the short term Channel Up. So far it is reacting with a bounce and that is a buy signal, aiming at the R1 level (TP = 2,002), as every rise sequence inside the Channel has been around +1.90%.
Today's Low was supported on the 0.5 Fibonacci level also, so if it breaks, the bullish trend will be invalidated and we will sell, aiming at the 4H MA200 (TP = 1,950). Despite the presence of support levels such as the 4H MA50 and S1, in that case we expect the decline to be stronger, a very likely scenario indeed since the 4H RSI displays a Bearish Divergence, similar to the Bullish one that gave the buy signal on November 13th.
See how our prior idea has worked:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
Today's Low was supported on the 0.5 Fibonacci level also, so if it breaks, the bullish trend will be invalidated and we will sell, aiming at the 4H MA200 (TP = 1,950). Despite the presence of support levels such as the 4H MA50 and S1, in that case we expect the decline to be stronger, a very likely scenario indeed since the 4H RSI displays a Bearish Divergence, similar to the Bullish one that gave the buy signal on November 13th.
See how our prior idea has worked:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
Telegram: t.me/investingscope
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
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
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.