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XAUUSD: Bearish on the medium term. All scenarios presented.

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD broke last week through its 1D Support (1,483.60) that sustained the uptrend for almost 2 months, and touched the top of the 1,453 - 1,460 1D Support Zone where it bounced.

This creates the conditions for a 1D Channel Down ( RSI = 41.739, MACD = -1.780, Highs/Lows = -14.3993) where the 1,460 low can be considered as the Lower Low of the pattern. As you see by the measurements of the Channel's phases on the 4H chart, some zones are symmetrical, giving us a good idea of how the price may fluctuate within the formation.

The final target on the 1W chart seems to be the 1,381.50 - 1,400 1W Support Zone , and if the 1D Support breaks, we are expecting an aggressive fill of this level. This is where Gold is expected to make contact with its 1W MA50 and continue its aggressive new Bull Cycle that it entered in June, in a manner similar to the 2000s Bull Cycle.

That idea was explained earlier this month with a comparison of the two eras, which you can see below:





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Here is why I think that in the long run XAUUSD is NOT bearish:
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I see Gold in a downward channel

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Good idea. Difficult to say. It could go either way. Time will tell.
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@ReallyMe, Indeed it could. So far it is respecting the Channel's bands.
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