XAUUSD: Buy opportunity on an RSI signal.

Gold is consolidating on the 4H chart (ADX = 22.401, CCI = -23.5777) following Wednesday's 1,484 High. This is directly linked with the Nonfarm Payrolls as the market is ranging in anticipation of what the report will show.

However even from a technical perspective this pattern has been previously formed within the very same Channel Up we've been trading in since the November 12 low. See the identical price ranges from lows to highs. Based on the bearish RSI we anticipate a pull back towards the 4H MA50, a level which should attract medium term buyers again. Our Targer Zone is 1,490.90 - 1,494.50.





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