XAUUSD Rejected on the 4H MA50. Bottom process starting.

24 May 2023

Gold (XAUUSD) has started the final phase of the bottom process as we presented on the 1D time-frame last week:

This time we shift to the 4H chart, as some short-term parameters are more obvious. Following the 4H Death Cross, Gold made today an exact rejection on the 4H MA50 (blue trend-line). This is a similar rejection to February 14, which also came after a 4H Death Cross. We have the 1D MA100 (green trend-line) as the first line of Support (which held and made the price rebound on the March 08 Low) but if a -8.00% decline from the top is repeated, we may see the price break a little lower than the long-term Channel Up this time.

Our goal is anywhere inside the green circle, or on the 4H MACD's 3rd Higher Low. Our long-term target of 2100 is intact.


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