Short

XAUUSD: Approaching the 4H MA200-1D MA50 Resistance Zone.

Gold is neutral on its 1D technical outlook (RSI = 54.677, MACD = -31.010, ADX = 21.850) despite the current 3 week rally in the form of a Channel Up. The long term pattern is a Channel Down and this rally is about to test the 4H MA200 with the 1D MA50 located just over it. This forms the technical Resistance Zone of this wave, which we expect to reject the rise and reverse into the next bearish wave. Structurally, the 0.618 Fibonacci level is the first target (TP1 = 4,400) with the 1W MA50 being the second (TP2 = 4,100).

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