XAUUSD: Excellent buy opportunity on the 1D MA100
Gold reached today a triple Support Zone, the 1D MA100, the bottom of the Channel Up and S1 (1,935.50). The 1D time frame is technically bearish (RSI = 40.784, MACD = -12.590, ADX = 46.379) but those where the exact same conditions that formed the November 3rd 2022 and February 27th 2023 bottoms. Both bottoms gave way to price rallies that made at least a +10.20% increase. Consequently, we have two targets: short term the R1 (TP1 = 2,083) and long term a +10.20% increase (TP2 = 2,130).
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