XAUUSD: Neutral on 1D but expecting a bullish breakout soon.

3 Des

Gold is neutral on its 1D technical outlook (RSI = 49.080, MACD = -4.570, ADX = 25.048) as the price is ranged between the 1D MA50 and 1D MA100, on the lower band of the 7 month Channel Up. This suggests that there is significant upside potential to Gold on the medium term and the flat 1D MACD indicates high degree of similarity with June 2024 when the price was again ranged between the 1D MA50 and the bottom of the Channel.

All bullish waves that started after lows, reached at least the previosu R1 level and that is our current target (TP = 2,790).

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