XAUUSD Inverse Head and Shoulders calls for a Buy.

Gold (XAUUSD) dropped below its 4H MA50 (blue trend-line) after failing to close a candle above the 4H MA200 (orange trend-line) and remains within a Triangle pattern (dashed lines) since the September 28 Low.

The 1D RSI remains on Higher Lows since that day so it gives some edge to the upside, which can come if the current short-term pattern gets confirmed as an Inverse Head and Shoulders. Technically, this is a bullish pattern found on market bottoms and calls for a rebound. If it is validated by a break above the 4H MA50, we can pursue one short-term target on the 4H MA200, one medium-term on the 1D MA50 (red trend-line) and if that breaks then the top of the long-term (since March) Channel Down (green) around 1690.

On the other hand, the slightest break below the Triangle's Higher Lows trend-line (dashed line), calls for a long-term sell targeting the 1W MA300 (red trend-line, scroll lower on the chart, currently at 1548).




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