InvestingScope

XAUUSD: Uptrend broken. 1235 ahead.

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FX:XAUUSD   Ouro/Dólar Americano
The 4H Channel Up broke sideways (ADX = 22.055, Highs/Lows = 0.0000, Ultimate Oscillator = 50.608) and if it keeps the current Lower High sequence (1,250/ 1,249.25) a Channel Down will emerge. Technically expect at least the 0.382 Fibonacci level to be tested at 1,235.40 with 0.618 = 1,226.10 the extension.

The 1D Channel Up has its technically Higher Low projection at 1,216 but with Gold finally achieving harmonization with the Dollar (see chart below), expect the trend to reverse below 1,200 on the medium term, assuming that the stock markets won't decline further.


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