XAUUSD: Channel Up on 4H.
Gold is neutral on its 4H technical outlook (RSI = 55.793, MACD = 4.760, ADX = 31.119) as it reached today the bottom HL trendline of the short term Channel Up. So far it is reacting with a bounce and that is a buy signal, aiming at the R1 level (TP = 2,002), as every rise sequence inside the Channel has been around +1.90%.
Today's Low was supported on the 0.5 Fibonacci level also, so if it breaks, the bullish trend will be invalidated and we will sell, aiming at the 4H MA200 (TP = 1,950). Despite the presence of support levels such as the 4H MA50 and S1, in that case we expect the decline to be stronger, a very likely scenario indeed since the 4H RSI displays a Bearish Divergence, similar to the Bullish one that gave the buy signal on November 13th.
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Today's Low was supported on the 0.5 Fibonacci level also, so if it breaks, the bullish trend will be invalidated and we will sell, aiming at the 4H MA200 (TP = 1,950). Despite the presence of support levels such as the 4H MA50 and S1, in that case we expect the decline to be stronger, a very likely scenario indeed since the 4H RSI displays a Bearish Divergence, similar to the Bullish one that gave the buy signal on November 13th.
See how our prior idea has worked:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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