XAUUSD: Close to the best medium term buy entry.

May 27

Gold is neutral on its 1D technical outlook (RSI = 50.016, MACD = 12.800, ADX = 25.902) as it completed today the second green 1D candle in a row. We don't think that the current bearish wave of the 1 month Channel Up has bottomed yet, since the HL trendline is a little lower around 2,315. We are prepared to buy after the 1D RSI crosses over its MA trendline and validates the bullish breakout. As with the May 20th HH, we are targeting the 1.236 Fibonacci extension (TP = 2,475).

See how our prior idea has worked out:

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