Mild rebound since yesterday's 1,754.20 Low as the 4H MA50 is coming strongly from below to support (1,749.49 currently).
However the short-term pattern looks like a Head and Shoulders formation, that is typically a pattern found on market bottom.
As a result if 1,752.40 (current Support) breaks, it is more likely for Gold to seek the 1D MA50 (1,681.32 and rising) as its long-term Support (especially if the DXY rebounds on the short-term, which is quite likely).
The 1D technicals remains healthy bullish (RSI # 65.459, MACD # 28.890, ADX # 38.298).
Remember the importance of the 4H RSI hitting 40.000 and the 4H MA50 (both buy conditions on the short-term). The target remains the 1D MA200 (1,802.32).
The key here remains the US10Y and whether it can extend its drop by failing to recover its 1D MA50.
All prices mentioned on my analysis are on XAUUSD. I hope you liked this week's traders, enjoy the profit and have a great weekend.
However the short-term pattern looks like a Head and Shoulders formation, that is typically a pattern found on market bottom.
As a result if 1,752.40 (current Support) breaks, it is more likely for Gold to seek the 1D MA50 (1,681.32 and rising) as its long-term Support (especially if the DXY rebounds on the short-term, which is quite likely).
The 1D technicals remains healthy bullish (RSI # 65.459, MACD # 28.890, ADX # 38.298).
Remember the importance of the 4H RSI hitting 40.000 and the 4H MA50 (both buy conditions on the short-term). The target remains the 1D MA200 (1,802.32).
The key here remains the US10Y and whether it can extend its drop by failing to recover its 1D MA50.
All prices mentioned on my analysis are on XAUUSD. I hope you liked this week's traders, enjoy the profit and have a great weekend.