XAUUSD: Very bullish fractal forming with a $1700 extension.

Gold is trading inside a Channel Up on the 1D Chart (RSI = 55.748, MACD = 11.990, ADX = 25.111, Highs/Lows = 0.0000) currently on the Higher Low trend line.

At the same time the RSI is on a bearish divergence, a formation which has been actually bullish on Gold in recent months/ years. In fact the current sequence is very similar to the June-July 2019 Channel Up which also being on an RSI bearish divergence, eventually broke upwards to add a +11% rise. The RSI even topped as well as bottomed on the same (symmetrical) Resistance/ Support level respectively.

Assuming the same parameters are replicated, and once the 1,610 Resistance breaks, we expect a rise towards 1,680 - 1,700.

Our latest trade on Gold:




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