Gold has reached the top of the 4H Channel Down pattern, while the 4H MA50 and the 4H MA200 just formed a Golden Cross. Despite that, and as long as the 1D technical outlook isn't bullish (RSI = 54.450, MACD = -0.200, ADX = 28.783) but more importantly the price is inside the Channel Down, the sentiment remains bearish. The 4H RSI is on the same kind of Bearish Divergence as it was on all prior LH tops, which prompts to the strongest sell signal possible on the medium-term aimed at the S2 level (TP = 1,975), potentially a -3.95% decline as the last LL.
See how our prior idea has worked out:
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A rejection from 2050 is what i'm watching for now. PCE may be heavy on Gold. let's see!
OmariHamodi
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Even if 4H MAs crossed,You still bearish ? According to daily tf gold is at the top of the channel,,I think according to tomorrow’s news gold will break the channel or will start dropping!
wonderpitt
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@OmariHamodi, I have the same outlook. It should take out the current low on 1984 if it doesn't break the channel