XAUUSD: Excellent opportunity to buy the dip this week.

Gold is on a fierce rally since the October 6th bottom that has turned the 1D technical outlook overbought (RSI = 71.518, MACD = 17.530, ADX = 38.679). The price crossed over the Fibonacci 0.618 level but Friday's 1D candle closed downwards leaving a big wick above (but still closed green). We may see a Triangle consolidation much like March 20th-April 3rd before a higher price, allowing the 1D RSI to drop under 60.000 again the the 1D MA50 to approach within supporting distance.

Technically, the whole pattern since September 20th-now, is indentical with February 2nd-March 20th, as their highs and lows are on symmetric levels. Consequently, this week's pullback can be an excellent opportunity to buy the dip and target the candle body high of May 4th, the All Time High (TP = 2,050).

See how well our prior idea has worked:


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