#XAUUSD THE TABLE NOW HAS TURNED
The uptrend has taken a pause naturally as it is struggling to break above the 4H MA200 (1,668.71), having failed to close a candle above it.
This is a strong sign of (short-term at least) profit taking.
As mentioned yesterday, the 4H MA50 (1,648.31) is the short-term Support, there is also a Higher Lows trend-line involved (1,653.90) starting from the October 21 Low.
In any case, the 1D MA50 (my end target on this week's buy) is now even lower at 1,686.73, so I am moving the SL even higher in profit (1,653.80) in order to considerably limit the risk.
If either the 1D MA50 or the SL are hit, I will be in no rush to re-enter either with a Sell or a Buy ahead of today's ECB Rate Decision and U.S. GDP.
1D remains borderline neutral (RSI # 48.291, MACD # -10.580, ADX # 21.918) and only a break above the 1D MA100 (1,731.55) can reverse the trend into long-term bullish.
If we close today below the 4H MA50 (i.e. news are digested), I will sell (TP # 1,620).
This is a strong sign of (short-term at least) profit taking.
As mentioned yesterday, the 4H MA50 (1,648.31) is the short-term Support, there is also a Higher Lows trend-line involved (1,653.90) starting from the October 21 Low.
In any case, the 1D MA50 (my end target on this week's buy) is now even lower at 1,686.73, so I am moving the SL even higher in profit (1,653.80) in order to considerably limit the risk.
If either the 1D MA50 or the SL are hit, I will be in no rush to re-enter either with a Sell or a Buy ahead of today's ECB Rate Decision and U.S. GDP.
1D remains borderline neutral (RSI # 48.291, MACD # -10.580, ADX # 21.918) and only a break above the 1D MA100 (1,731.55) can reverse the trend into long-term bullish.
If we close today below the 4H MA50 (i.e. news are digested), I will sell (TP # 1,620).
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