XAUUSD Channel Up needs a 1D MA50 test before new All Time Highs

Gold (XAUUSD) has been trading inside a Channel Up on the 4H time-frame since the March 16 bottom. The 1D MA50 (red trend-line) has been supporting. As long as the Channel Up holds, keep buying near the Higher Lows trend-line and selling near the Higher Highs trend-line.

Based on the 4H MACD, this Channel Up resembles that of December - January. That pattern upon reaching the 0.786 Fibonacci retracement level, it pulled-back to the 0.236 Fib before eventually breaking above the 1877.75 Resistance. The 1D MA50 has been holding as Support ever since.

As a result, you can expect a potential pull-back towards the 0.236 Fib (1932) before a new rally.


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