Short

XAUUSD: Channel Down making a Lower High. Bearish.

Gold is on the third bullish 1D candle in a row. That is after the Channel Down made a LL on the 1D MA100 and formed the current bullish wave. The 1D MA50 has been rejecting every breakout attempt since February 7th and is the ideal LH level. Having turned neutral on the 1D technical outlook (RSI = 48.139, MACD = -7.100, ADX = 31.092), this is the ideal level to start selling again with a max tolerance level the top of the Channel Down. The sell signal will be confirmed after the 1D RSI crosses under the MA trendling again. We are bearish targeting the S1 level and 1D MA200 (TP = 1,975).

See how our prior idea has worked out:

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