XAUUSD: Short term update. Potential 4H Channel Up.
As mentioned on our last analysis (see it here), Gold broke into the neutral Triangle area (pink) and 4H turned bullish (RSI = 59.913, MACD = 1.240, ADX = 45.651) as the MA50 got crossed. The 1,563.50 4H Resistance is still holding though and if it doesn't break by tomorrow then we risk invalidating the Channel Up (dashed channel) that has been created.
If 1,563.50 breaks then the Channel Up can make a Higher High at 1,573.50. If the Channel Up breaks lower then we remain neutral on the short term, as long as the MA50 (4H) supports. The chart provides all the break out and possible moves you need to know. Our long term outlook on Gold remains bullish (TP = 1,578.50 and 1,595 (medium term)).
Our long term projections:
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If 1,563.50 breaks then the Channel Up can make a Higher High at 1,573.50. If the Channel Up breaks lower then we remain neutral on the short term, as long as the MA50 (4H) supports. The chart provides all the break out and possible moves you need to know. Our long term outlook on Gold remains bullish (TP = 1,578.50 and 1,595 (medium term)).
Our long term projections:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
