XAUUSD This Channel Up is everything

Gold (XAUUSD) is pulling back as we suggested with our last week's analysis based on the US10Y:


The pattern that emerged is a Channel Up since the March 20 High and the price is right now on the 4H MA50 (blue trend-line). As long as it holds the Higher Lows trend-line (bottom) of the Channel Up, it is a buy signal, targeting 2050 (a Higher High).

If it closes below the Channel Up, then longer term parameters will come in effect, first and foremost being the Fibonacci retracement levels from the March 08 Bottom. The 0.5 - 0.618 Fibonacci range happens to contain the Symmetrical Support Zone that come all the way from mid January. In that case, we will resume shorting Gold and target the top of the Zone at 1910. Notice how the 4H RSI has been inside a Channel Down while the price is on a Channel Up, indicating a Bearish Divergence.


-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇