XAUUSD: Getting close to a bottom. Buy opportunity.The wider 1W Channel Up on Gold remains intact (RSI = 58.687, MACD = 17.040, Highs/Lows = 4.0208). This indicates that on the long run there is still no trend reversal. Within the Channel there are some recurring patterns that suggest the price is close to a Higher Low. Add to that the vastly oversold 4H (RSI = 23.783, STOCHRSI = 0.000, Williams = -99.309) and to a lesser extent 1D (RSI = 38.102, STOCHRSI = 0.000, Williams = -99.569), we are a expecting a strong rebound next week. TP = 1,330, extension = 1,350.
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