XAUUSD: Bearish Wave underway to 1,975.

Gold is about to cross from a neutral technical 1D outlook (RSI = 45.543, MACD = -1.200, ADX = 26.629) to a bearish one as it got rejected on the 1D MA50, under which it will close for the third straight 1D candle. The 1D RSI suggests that this is a very slow medium term decline, as is evident by the 6 week Channel Down, that in the near term it will find a bottom.

That can potentially be near the 1D MA200 and on the short term we remain bearish, targeting the S1 level (TP1 = 2,005) initially and in extension, if Gold closes a 1D candle under the 1D MA100, sell again aiming for the LL trendline of the Channel Down (TP2 = 1,975) near the S2 level and over the 1D MA200.

See how our prior idea has worked out:


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