XAUUSD: Important candle close for the trend.

2023年4月28日

XAUUSD is trading inside a Channel Up pattern for the past 1 month and a half. The 1D technicals are neutral (RSI = 51.392, MACD = 15.400, ADX = 15.598) indicating that this is the most efficient long entry for the medium term. However the unique characteristic of this Channel Up is that all 1D candles have closed inside it to maintain the trend, despite making wicks outside it. Consequently we will be bullish only as long as it keeps closing 1D candles inside the Channel, targeting the R1 (TP = 2,045) and turn to selling if it closes even one candle under it, targeting the 1D MA50 (TP = 1,950).


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