XAUUSD: 4 month Channel Down looking for a 1D MA200 breakout.

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Gold has turned bearish on its 1D technical outlook (RSI = 41.985, MACD = -39.910, ADX = 40.238) as it is extending a low paced decline snce April 17th. The price is technically ranged within the 1D MA50 and the 1D MA200. Being inside a long term Channel Down, it is more likely to see the 1D MA200 break and if it does, we expect a minimum of -21.40% bearish wave (TP = 3,850).

See how our prior idea has worked out:

XAUUSD: Channel Down looking for a new low.


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