XAUUSD: Buy opportunity outside the consolidation zone.

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold has found support last Thursday and the decline on 1D is put to a halt. 4H is now neutral ( RSI = 51.980, Highs/Lows = 0.0000, STOCH = 53.271) and will continue to be as long as the price is being traded inside the consolidation channel shown on the chart. As long as this continues to provide support, and it later breaks upwards, we will be targeting 1,330 and 1,350 in extension. 1W appears to have completed its 0.382 Fibonacci pull back and is ready to resume the uptrend ( RSI = 57.364, MACD = 14.730).

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Buy? I think Gold is actually a sell opportunity!

@JoelWarby, Thanks for sharing. Your first daily key level is crossed. It is a strong bullish signal.
JoelWarby InvestingScope
@InvestingScope, Yes, there has been some intraday bullish momentum through 1300. I would be surprised to not see any bearish pressure around this price zone.

Even with a bullish bias I would only look to enter long with a retracement back to around 1300 and some price action rejection of this level to provide the Risk:Reward necessary and the correct market structure to take a bullish stance.

Its important to note that theres a long way for price to move to show any real bullish confidence and start making Higher Highs and Higher lows again.
@JoelWarby, Well said. The correction took place now it's just a matter of how USDJPY reacts.
it didnt reach feb 0.382 from 1346 level !!
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