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XAUUSD: Sell opportunity if the Channel breaks.

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD is trading within the Bullish Leg (black channel) of a Channel Up pattern. This bullish leg is essentially a Channel Up on the 4H chart of its own ( RSI = 67.955, MACD = 21.920, ADX = 58.206) and until it breaks we can't consider selling and of course neither buying as we are on a Higher High.

Technically once this Channel breaks into the green Triangle area we can consider selling first towards the 1,640 Support and then within the 0.618 - 0.786 Fibonacci. This is the mirror sequence of the previous Bearish leg as you see on the chart.



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