XAUUSD: Forming a medium term Channel Down.

Gold turned neutral again on its 1D technicals (RSI = 48.178, MACD = -10.040, ADX = 34.352) after the strong rebound at 1,924.70. This pushed the price back over the 4H MA50, even closed a candle over it but today's LL is a new bottom and technically calls for the emergence of a Channel Down pattern.

This pattern's RSI has a clear Buy and Sell Zone. As long as the top of the Channel Down holds, we will be bearish targeting the LL trendline (TP = 1,915). If it crosses over it, we will take a fast buy and target the 4H MA200 (TP = 1,977), which is unbroken for a full month. Only a cross over the R2 (1,985.50) can reverse the trend to bullish.

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