GOLD on a buy opportunity but watch this invalidation level.

On my last Gold (XAUUSD) analysis, I stressed the importance of a 1D MA50 (blue trend-line) test while the price was at the top of the Channel Up before discussing a new rise. However, the price broke even below the 1D MA50 and is now approaching the 1890 low of March 29. As long as it trades above that level, Gold is a buy especially as the 1D CCI is just above its 1 year Support Zone.

A break below 1890 level though, would invalidate the structure that is similar to the late 2021/ early 2022 pattern, so be ready to adjust by either taking the loss and opening a sell on a 1D MA200 (orange trend-line) target or hedging.



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