XAUUSD: Should turn sideways for the rest of the year.

Sep 25

Gold is highly overbought on its 1D technical outlook (RSI = 75.774, MACD = 45.540, ADX = 41.502) while at the same time it is approaching the top of the one year Channel Up. The two bullish waves of the pattern reached their HH after +22.50% and +18.50% rises and then turned sideways into a consolidation Rectangle. So even though the price can extend some more to reach a +22.50% rise, we are close to the +18.50% one and as mentioned the top of the Channel Up. This tells us that this isn't the time to buy at all but rather wait for the price to cross under the 1D MA50, which was the buy signal in the two consolidation Rectangles.


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