InvestingScope

XAUUSD: The 1H MA50 is the catalyst.

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold is trading within a Channel Up on the 1H chart ( RSI = 48.066, MACD = 1.570, ADX = 17.753) supported on the 1H MA50 since the past 24 candles. This is after the very sharp decline we predicted on the chart below:


At the moment the 1H MA50 is tha catalyst, because as long as it trades above it, the bullish bias are more towards 1,985. If the 1H MA50 breaks, the short-term trend shifts back to bearish towards the 1,880 - 1,860 Support Zone . Notice how the price action of the past 24 hours is similar with the top formation of August 6th/7th both on candle action as well as MACD and RSI .




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