XAUUSD: 4H Channel Up signals a Buy Entry. Target above 1,550.

Gold suffered a set back this week but was technically expected as it was rejected on the 1,535 top of the Symmetrical Resistance Zone. It did manage to hit our previous 1,528 target as seen below:


This pull back has created the conditions for a Channel Up on 4H and as long as 1D remains neutral (RSI = 51.051, MACD = 6.710, Highs/Lows = 0.0000) the upside will be supported. Notice how there is a potential for a Golden Cross on 4H. Last time that happened was in late May right before Gold had bottomed at 1,260/70 and started its relentless Bull Run that broke through the 5 year 1,370 Resistance.

These parameters are more than enough for us to make us enter a new long trade with 1,550 - 1,557 as our Target Zone.




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