XAUUSD: Parabola broken. Expect more selling.

Gold broke its two month Parabola on Friday and yesterday confirmed the bearish reversal as it closed below the 4H MA50. The Bearish Divergence on the 4H RSI was an early signal of things to come and turned the 4H time-frame neutral (RSI = 53.038, MACD = -0.910, ADX = 39.673).

In typical trend shift fashion, the market had to test the 4H MA50 for buyers but being within a newly emerged Channel Down, if rejected, we expect more selling to S2 and eventually S3 and the 4H MA200 (which is a level untouched since November 4th).


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