XAUUSD Channel Down aiming lower unless 1937.50 breaks
Gold / XAUUSD is trading inside a short term Channel Down, with the previous 4hour candle forming the new Lower High.
Technically that calls for a sell extension initially to Support A (1909.50) and then 1890 in extension (-2.50% decline from the Lower High).
The 4hour RSI supports this sell as it is trading inside a Channel Down also but longer, since June 2nd.
If on the other hand the price crosses over Resistance A (1937.50) and closes on the 4hour candle over the 4hour MA50, then buy and target Resistance B at 1957, which is where the 4hour MA200 is headed to (intact since May 16th).
Previous chart:
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Technically that calls for a sell extension initially to Support A (1909.50) and then 1890 in extension (-2.50% decline from the Lower High).
The 4hour RSI supports this sell as it is trading inside a Channel Down also but longer, since June 2nd.
If on the other hand the price crosses over Resistance A (1937.50) and closes on the 4hour candle over the 4hour MA50, then buy and target Resistance B at 1957, which is where the 4hour MA200 is headed to (intact since May 16th).
Previous chart:
Follow us, like the idea and leave a comment below!!
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