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XAUUSD Ideal level to sell
XAUUSD is inside a Channel Down with the 4hour MA50 untouched for 3 weeks. As the price is at the top of the Channel and onlt a few points away from the MA50, it is the best short term level to sell. The Target is 1790, which is inside Support A but more importantly on Fibonacci 0.5.
If the price crosses above the 4hour MA50, wait for a short entry near Resistance A and if broken, near Resistance B, which is on the 4hour MA50 and the final entry of this structured sell approach. The reason for accounting for higher levels to sell is the RSI which appears to be on a Channel Up. This is a bearish divergence to the candles' Channel Down and can lead the price higher on the short term.
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If the price crosses above the 4hour MA50, wait for a short entry near Resistance A and if broken, near Resistance B, which is on the 4hour MA50 and the final entry of this structured sell approach. The reason for accounting for higher levels to sell is the RSI which appears to be on a Channel Up. This is a bearish divergence to the candles' Channel Down and can lead the price higher on the short term.
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