XAUUSD: 4H Death Cross forming. 1D MA50 the Support.

Gold failed to stay above the 4H MA200 and is now getting heavily rejected to the 1D MA50, the long term Support that is intact since November 4th. The 1D technicals turned bearish after a very long time (RSI = 42.798, MACD = 4.900, ADX = 31.675).

The pattern is a Channel Down and a 4H Death Cross is about to be formed. If successful and the price closes under the 1D MA50, consider it a strong sell signal and continuation of the Channel Down. TP = 1,830 (Fibonacci 0.382) and if the 1D MA50 is rejected as Resistance, then new sell and TP = 1,790 (above Fibonacci 0.5).

The bullish trigger is a break above the 4H MA50, with TP = 1,940.


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