XAUUSD: Shortterm rally but consider last week's 1W MA50 rebound

Gold opened much higher today in the aftermath of the Israel geopolitics, with a move that has technically corrected the previously oversold 1D technical outlook (RSI = 38.184, MACD = -22.590, ADX = 40.526). Regardless of the fundamentals related to the conflict, the 1D MACD is reversing towards a Bullish Cross from deeply oversold territory and a rally to the 1D MA50 seems a quite probable outcome based on the August and July runs.

The target is Fibonacci 0.5 (TP = 1,880) which was reached (even surpassed) on both those bullish legs. In addition, last week's candle closing was over the 1W MA200, after hitting it for the first time in 11 months. This can be a hint towards a potential long term bullish reversal, but what we can do now with such geopolitics involved is take it day by day.

Prior idea:


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