XAUUSD: Target hit. Second attempt to break the 2 month uptrend.

The first TP = 1,203.20 as the price made a low near 1,196. After that the Lower High scenario within the 4H Channel Down eventually prevailed, restoring the 1D chart to neutral bias (RSI = 51.209, STOCH = 53.842, Highs/Lows = 0.0000). This indicates that the two month Channel Up will be put to test once again as the 4H Channel Down after making a new Lower High at 1,225, should attempt to break last week's 1,196. Technically this breaks the 1D Channel Up permanently and opens a new bearish pattern towards 1,180. The next TP is still 1,294.95.





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Comment:

Correction: The TP is obviously 1,194.95.