XAUUSD Rejection on the 4H MA50 gives a short-term sell signal.Gold (XAUUSD) appears to have entered a ranged phase, similar to the 'Accumulation Rectangle' pattern of August 19 - September 11. This (almost) 1 month consolidation was the accumulation pattern that the market used in order to fuel the next big Bullish Leg, supported by the 4H MA50 (blue trend-line).
The 4H MA50 was acting as a Pivot though during the Rectangle and a rejection on September 02 there, caused the last Support (bottom) test before it started the recovery process. We believe we might be on a similar stage as the 4H RSI is posting a similar Lower Highs trend-line.
As a result, we believe that the current potential rejection on the 4H MA50 is a short-term sell opportunity, targeting 2625.
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