Gold turned neutral on its 1D technical outlook (RSI = 52.915, MACD = -58.840, ADX = 38.120) upon the ceasefire announcement and is already on its 3rd green week in a raw. As it heads towards the 1D MA50 though, the Channel Down is starting to give strong sell signals again, even though technically an upside extension even to 5,030 would be within limits. As long as we stay inside this pattern, the targets are the 1W MA50 (TP1 = 4,100) and the 1.236 Fibonacci (TP2 = 3,885).
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
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