XAUUSD High chances for a short-term pull-back.

Gold (XAUUSD) is having an remarkable 3 week rally after a technically flawless hit-and-rebound on the 1W MA200 (orange trend-line) on the week of October 02. Obviously, this rally has been stretched by the geopolitical unrest in Middle East and isn't purely technical on its full range, but besides the small fundamental correction we should see once peace is restored, there are a few important conclusions we can make from similar technical situations in the recent past.

For the past +3 years (since the August 2020 High), Gold has seen another 6 similar rallies (+10.53% to +14.12%). Of those 6 only 2 formed a 1W MACD Bullish Cross, such as the rally we are currently at. Even the 3 rallies after the September 26 2022 bottom that were on an uptrend, delivered short-term corrections to at lest the 0.382 Fibonacci retracement level. This time the 0.382 Fibonacci level is marginally below 1940 and can be your target.

If the current rally is indeed the start of a new multi-month bullish sequence to new All Time Highs (ATH), then a hit-and-rebound at 1940 would be ideal technically, as it will test successfully the 1W MA50 (blue trend-line), which is the standard Support level during long-term uptrends.

-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇