XAUUSD Time to start taking long term profit

XAUUSD on the 1W chart is more straightforward. It crossed into the overbought zone technically (RSI = 69.498, MACD = 29.410, ADX = 36.625), approaching the top of the Channel Down where all full body 1W candles closed. Unless an extraordinary fundamental event takes place, Gold shouldn't deliver a wick similar to last time (March 2022 - Russia/ Ukraine war).

Pay attention to the 1W RSI touching the Lower Highs line where it has been rejected 3 times in the past three and hald years. The downside at this point is huge and long term investors should start considering closing profits around the current levels.



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