XAUUSD: Will the 1D MA50 offer support?

Gold came today the closest it's been to the 1D MA50 since March 13th when it crossed over it and initiated the Channel Up the price has been trading in for the past 2 months. Being at the bottom of this Channel Up, the 1D technicals are neutral (RSI = 46.769, MACD = 11.340, ADX = 29.957) and this indicates how strong of a long term buy opportunity this is. Until Gold closes 1D under the 1D MA50, we are bullish, targeting the R1 (TP = 2,080).

A closing under the 1D MA50, will turn us bearish, targeting the 1D MA100 and S2 (TP = 1,935). With the 1D RSI inside a Channel Down, it shows a hige bearish divergence in contrast to Gold's Channe Up and supports the bearish case.


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