XAUUSD: Testing the 1D Support Zone. Potential rebound.

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold is again testing the 1,276.50 - 1,281 1D Support Zone , the fourth attempt since January 21st. 1W is now neutral ( RSI = 51.224, ADX = 43.282, MACD = 9.820) prompting to a rebound. We can't yet know the exact long term trend on Gold as although the 1,360 - 1,370 1W Resistance hasn't been crossed yet, the bullish trend is intact and for now well supported. We believe that traders with a medium term mindset will get the most out of the next few weeks between the 1,276.50 - 1,281 1D Support Zone and the 1,324.45 - 1,326.20 Resistance Zone . The Lower Highs on 1D are pressing downwards but the buying accumulation on the 1D Support Zone remains stronger.

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I believe that's enough for Gold Uptrend as trends come every quarter, I think maximum 1293 before the drop. Thus, 1324 is lower high key level for downtrend formation (Dow Theory based).
down trend
I don't think it will bounce off that high... I would say 1287 $ maximum. At that level I would short even more
lucamodena lucamodena
@lucamodena, ok 1293 $ tops ;)
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