XAUUSD: Sell Opportunity with bearish channel within channel.
Gold confirmed our medium term bearish view, as the 1D Channel Down (RSI = 44.533, MACD = -5.450, Highs/Lows = -2.2965) was successfully rejected on a Lower High below the 1,520 break out barrier. See that idea below:
It traded for a while within the High Volatility Zone (blue Rectangle) but again formed a shorter term Channel Down on 4H (RSI = 42.719, MACD = -2.270, Highs/Lows = -2.3479) which uses the 4H MA50 and MA200 as Lower Highs.
The 4H RSI sequence resembles the August 23 - Sept 18 cohesion which spiked before making the Lower Low at 1,460. We are expecting a similar price action and are again shorting with 1,460 as the Target.
As mentioned on the previous analysis, the final target on the 1W chart seems to be the 1,381.50 - 1,400 1W Support Zone , and if the 1D Support breaks, we are expecting an aggressive fill of this level. This is where Gold is expected to make contact with its 1W MA50 and continue its aggressive new Bull Cycle that it entered in June, in a manner similar to the 2000s Bull Cycle.
That idea was explained in September with a comparison of the two eras, which you can see below:
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It traded for a while within the High Volatility Zone (blue Rectangle) but again formed a shorter term Channel Down on 4H (RSI = 42.719, MACD = -2.270, Highs/Lows = -2.3479) which uses the 4H MA50 and MA200 as Lower Highs.
The 4H RSI sequence resembles the August 23 - Sept 18 cohesion which spiked before making the Lower Low at 1,460. We are expecting a similar price action and are again shorting with 1,460 as the Target.
As mentioned on the previous analysis, the final target on the 1W chart seems to be the 1,381.50 - 1,400 1W Support Zone , and if the 1D Support breaks, we are expecting an aggressive fill of this level. This is where Gold is expected to make contact with its 1W MA50 and continue its aggressive new Bull Cycle that it entered in June, in a manner similar to the 2000s Bull Cycle.
That idea was explained in September with a comparison of the two eras, which you can see below:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
