XAUUSD: Breakout now retesting the Support. Buy.

3 lug 2023

Gold broke on Friday over the LH trendline and reached the 4H MA50 for the first time in 10 days. The rejection is now retesting the LH in the form of Support, as it happened on the May 30th bullish breakout. That was the leg to the top of the Channel Down. With the 4H timeframe being neutral (RSI = 46.429, MACD = -2.220, ADX = 38.259) and the RSI on the same bullish divergence, we are buying into this retest and target the top of the Channel Down and contact tranjectory with the 4H MA200 (TP = 1,943).

Prior idea:

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