XAUUSD is right now at a pretty important support zone, price has bounced from this price level numerous times since the start of the bull run in late November 2020.
We have a few solid reasons to be long! (This is our trade of the day!)
1. The middle of the 45 Donchain Channel has acted a s a support since the last strong bull push, after the bear rejection on the 17th of Jan
2. RSI 5 is really low, and when RSI meets the fibs we expect the bulls to be near!
3. We're getting pretty close to the bottom of the range, but we're not there yet... thus we are ready to buy at 38.2% again if price reaches that level.
That's all we have for you for now. 👋
On the other side, we expect Indices to push up during this NYC trading session!