XAUUSD: Turning bearish if the 1D MA50 breaks.
Gold (XAUUSD) stopped its 10 day pullback yesterday on the 1D MA50, which is the level where the short term Channel Up priced the previous HL on December 13th. The 1D timeframe is technically neutral (RSI = 47.836, MACD = 6.750, ADX = 32.595). If the 1D MA50 is crossed though, the trend will turn bearish in a way comparable to the May 17th 2023 bearish crossing. This was the bearish extension after the one year Channel Up peaked on a HH and declined all the way to the 1D MA200 and under.
We expect a similar course to be followed, so if the price crosses under the 1D MA50, we will go short on the long term with one target on the 1D MA200 and the S2 level (TP1 = 1,972.50) and a second on the S3 level (TP2 = 1,928.10).
Notice that a 1D RSI Bearish Divergence has preceeded the May 4th peak. We can see a similar pattern since October 27th.
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. ##
We expect a similar course to be followed, so if the price crosses under the 1D MA50, we will go short on the long term with one target on the 1D MA200 and the S2 level (TP1 = 1,972.50) and a second on the S3 level (TP2 = 1,928.10).
Notice that a 1D RSI Bearish Divergence has preceeded the May 4th peak. We can see a similar pattern since October 27th.
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. ##
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.