XAUUSD Channel Up preparing the new Bullish Leg.
Gold (XAUUSD) has been trading within a Channel Up for almost 1 month. Friday's test of the 4H MA50 (blue trend-line) proved once again why this level is the strongest Support within the pattern, as it held and has initiated a relative bounce.
If this continues, it should technically be the new Bullish Leg, similar to the January 27 rebound on the 4H MA50. As you can see, even the 4H RSI sequences among those fractals follow the same pattern.
If (d) is indeed the technical RSI bottom, then we can expect a similar 1.5 Fibonacci extension rally to 2970.
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If this continues, it should technically be the new Bullish Leg, similar to the January 27 rebound on the 4H MA50. As you can see, even the 4H RSI sequences among those fractals follow the same pattern.
If (d) is indeed the technical RSI bottom, then we can expect a similar 1.5 Fibonacci extension rally to 2970.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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