XAUUSD Technical correction on the Channel Up started.

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Gold is trading inside a Channel Up for the entire month of January.
This pattern has so far given 4 corrections/bearish waves, all of which hit their 0.5 Fibonacci retracement level.
Given that the price got rejected today at the top of the pattern, we anticipate that the new technical correction has started.

Trading Plan:
1. Sell on the current market price.

Targets:
1. 2775 (on the 0.5 Fibonacci level, like all previous 4 corrections).

Tips:
1. The RSI (1h) already formed a Bearish Divergence, which confirms the sell signal.

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Notes:
Past trading plan:

XAUUSD bullish upon holding the MA50 (1h). Targeting 2720.

Feragatname

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