TradingShot

XAUUSD Closing below the 1D MA50. Major bearish break-out.

Corto
FX_IDC:XAUUSD   Oro al contado/Dólar estadounidense
Gold (XAUUSD) got rejected just below the 4H MA50 (blue trend-line) and is following the downtrend as presented on our previous analysis:


We are re-adjusting the Fibonacci levels as they make a much more accurate fit for the uptrend, but right now we are about to make a strong bearish break-out as the price is attempting to close a 1D candle below the 1D MA50 for the first time since November 03 2022, which was practically the bottom of the previous multi-month downtrend.

A new Channel Down has emerged, with three Lower Highs already, while the the 4H time-frame has completed a Death Cross (4H MA50 (blue) crossed below the 4H MA200 (orange)) for the first time since October 16 2022.

As you see, the Higher Lows and Higher Highs of the uptrend have so far formed the Lower Lows of the Channel Up. The next one is Support Zone 1 within 1827 - 1823.50 and its top is our first target. If it breaks, we will extend selling towards Support Zone 2 but will target the 1D MA200 (yellow trend-line) a little higher.

We will shift back to buying only if the price breaks above the 4H MA200.


-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇

👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)

💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot

🔥New service: next X100 crypto GEMS!
Exención de responsabilidad

La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.