XAUUSD: Overbought but still bullish above the 4H MA100.

Gold is overbought on its 1D technical outlook (RSI = 75.650, MACD = 67.600, ADX = 69.434) and appears to be unphazed by the recent rejection at the top of the Channel Up that pulled back to the 4H MA50. This is basically a consolidation that can be evolved to a similar pattern with March's. It was the 4H MA100 that held it on an uptrend at the time and has been holding since February 23rd. We remain bullish as long as it continues to hold, targeting the top of the Channel on a +10.54% increase (TP = 2,550). If the 4H MA100 is crossed, we will go short aiming at the 1D MA50 (TP = 2,220).

See how our prior idea has worked out:


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