XAUUSD: Rising Wedge broken. Channel Down emerging (Short).

8 Jan 2019

Gold failed to get past the 1,300 psychological barrier and as a result the former Rising Wedge on 4H broke to the downside. 1D remains bullish (RSI = 62.076, MACD = 13.010), after previously reaching overbought levels, as it is currently supported at 1,266 - 1,268 (also the 0.500 Fibonacci level of the Rising Wedge). 4H however is on the early stages of a Channel Down (RSI = 47.422, Highs/Lows = -3.4285, BBP = -6.7840) and is currently aiming at a new Lower Low towards the 1D support zone. We are taking this sell signal and are going short with TP = 1,268.





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