XAUUSD: First time under the 1D MA50

Gold broke under the 1D MA50 for the first time since October 13th and turned bearish on the 1D technical outlook (RSI = 41.420, MACD = 1.310, ADX = 35.745). The pattern that has emerged is a Channel Down with the price near its LL bottom. Consequently we expect a short term rebound to retest the 4H MA50 and then a new bearish wave towards the S1 level (TP = 1,980).

See how our prior idea has worked out:


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