Short

XAUUSD: A 1D MA50 rejection can target 4000.

Gold is almost overbought on its 1H technical outlook and turned neutral on the 1D (RSI = 50.109, MACD = -120.800, ADX = 42.080) indicating that the most effective sell opportunity is approaching again. The 2 month Channel Down rebounded on the 1D MA200 last week and the 1D MA50 could be tested for the first time in months as a Resistance. As long as the Channel Down is intact, Gold's next bearish wave is targeting the 1W MA50 (TP = 4,000).

See how our prior idea has worked out:

XAUUSD: Eyes $3,800 based on this 2 year pattern.

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