XAUUSD: Relief rally on the cards.

Gold is oversold both on the 1D as well as the 4H timeframes (RSI = 20.366 and 21.792 respectively) hammered way under the 4H MA50 and the 4H MA200. As long as the yellow metal traded under the LH trendline, every relief rally touched the 0.5 Fibonacci level. We expect a similar rebound that will get triggered if the 4H MACD completed a Bullish Cross (being vastly oversold). TP = 1,880 (the 0.5 Fibonacci).

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