XAUUSD Rebounding after a Channel Down Lower High.

Long

Gold Spot / U.S. Dollar (FX_IDC:XAUUSD)

FX_IDC:XAUUSD Gold Spot / U.S. Dollar

trendanalysis chartpattern indicator gold xauusd gc1! goldfutures metals commodities

Gold is on a technical rebound after it hit the bottom of the 1 month Channel Down.
It remains under both the MA50 and MA200 (4h) indicating significant short term upside potential.

Trading Plan:
1. Buy on the current market price.

Targets:
1. 1950 (under the Falling Resistance on a potential contact course with the MA200 (4h).

Tips:
1. The RSI (4h) got oversold on Friday and is now neutral, a further indication of the strong short term upside potential.

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Notes:
Past trading plan:

XAUUSD Channel Down emerging but reversal if MA50 (1d) breaks

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