Gold (XAUUSD) hit today the 4H MA200 (orange trend-line) for the first time in 10 days and is rebounding towards the 4H MA50 (blue trend-line). The long-term pattern remains a Channel Up, which is what helped us take the break-out buy late last month as illustrated on the idea below:
This time the rebound is a clear bottom buy opportunity with a Higher Lows formation similar to April 03. A new closing above the 4H MA50 would basically confirm the buy signal. Both previous such rebounds targeted the 1.382 Fibonacci extension and the new one is at 2080.