Gold turned bearish on the 1D timeframe (RSI = 43.890, MACD = -0.091, ADX = 34.371) after the November Channel Down almost hit the 4H MA200. It hit our 1,935.50 TP nonetheless (see previous signal at the bottom), and now the short term is giving us a buy signal in the event of a break over the Channel Down.
The 4H RSI holds a HL trendline which is a Bullish Divergence against the LL of the Channel Down. Consequently we will open a long if the price crosses over the top of the Channel Down, which is highly likely ahead of the U.S. CPI report tomorrow, and target a Triple Resistance level, the 4H MA50, the R1 and the 0.5 Fibonacci retracement (TP = 1,965).
See how our prior idea has worked:
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