XAUUSD: Possible last bearish leg within 1,470 - 1,480.

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold is currently pulling back after being rejected near the 1D Resistance (1,520) which has been holding since October 03. At the moment the 1D MA50 (light blue line) is acting as a pivot .

Based on a similar candle and RSI action behavior (February - June 2019) we may be on the last Lower High before a very strong parabolic rise, similar to what took place when Gold took off earlier this year.

Even on a short term perspective the trend remains bearish (for as long as the 1,520 1D Resistance holds) towards the last low. The neutral 1D ( RSI = 51.365, Highs/Lows = 0.0000) serves perfectly for a sideways trade within the 1D Resistance and Support levels. Our target zone is 1,473.60 - 1,481.20.

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Nice analysis, will be watching out for putting in a buy at this level.
+1 Reply
@Pawski, Thank you. The target zone was reached sooner than we expected but that's not a bad thing at all.
Pawski InvestingScope
@InvestingScope, indeed, lets see if theres meaningful support after such a strong move.. Will also wait to see what slow stochastics does next couple days.
+1 Reply
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