XAUUSD The 1D MA50 test is imminent.

Three weeks ago (August 26, see chart below) we called that it was 'time to turn bearish short-term' on Gold (XAUUSD) as the price was approaching the top of its 3-month Channel Up:

Today we realize why as the price has turned sideways and can potentially one Bearish Leg to test the 1D MA50 (blue trend-line), which last time signaled the pattern's bottom (Higher Low).

This is why we keep our Sell Target unchanged at 2450, just above the 0.618 Fib and a revised Channel Up bottom line. After that, we will buy just before the 1D MACD forms its 2nd Bullish Cross, which as you can see, has been the most optimal confirmed Buy Signal within the Channel Up.

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