Gold is trading inside a Channel Down on a technically bearish 4H time frame (RSI = 42.428, MACD = -8.260, ADX = 23.790). Every time the price rises near the 4H MA50, it gets rejected, makng it the technical Resistance.
The structure of this Channel Down is as follows: First the price drops by -2.00%, then it rises by +1.00% and repeat. The rise is being carried out by a short term Channel Up. Right now the price is inside such a Channel Up and is approaching the +1.00% rejection point. We are short on this one, targeting another -2.00% decline (TP = 1,812.50).
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The structure of this Channel Down is as follows: First the price drops by -2.00%, then it rises by +1.00% and repeat. The rise is being carried out by a short term Channel Up. Right now the price is inside such a Channel Up and is approaching the +1.00% rejection point. We are short on this one, targeting another -2.00% decline (TP = 1,812.50).
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## Comments and likes are greatly appreciated. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial