XAUUSD completed a 1W MACD Bearish Cross. Warning!

Gold (XAUUSD) completed this week the first Bearish Cross on the 1W MACD since the week of April 25 2022 (a year+ ago). This is a strong bearish technical signal that cannot be ignored as its last two occurrences above the 0.00 MACD level, kickstarted multi-month declines, all exactly from the same 2070 - 2080 Resistance level.

In order for such a correction to be avoided we need a 1W candle to close above the last highest closing level of the peak candle. In the previous two cases it failed. On the current case, that is 2018. Until that happens, every rise is a sell opportunity as long as a series of Lower Highs is formed.

Since the price hit the 1D MA100 (red trend-line) yesterday and is rebounding, it is quite likely to see a medium-term rebound as high as 2000 for the next optimal sell opportunity. Unless of course the 1W candle closes below the 1D MA100 first. A sell closer to 2000 though with the invalidation level marginally above it (at 2018) offers a great Risk/ Reward ratio. In either case the first long-term target of the downside is the 1W MA50 (blue trend-line), with an early projected contact at 1850. On the other hand, a 1W close above 2018, is a bullish break-out signal targeting the 2083 All Time High.


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