- April 27, 2023
- Posted by: Tradingshot Articles
- Category: Commodities
Gold (XAUUSD) closed above the 4H MA50 (blue trend-line) yesterday for the first time since April 14. This is the first major bullish signal in a while but it is not confirmed yet as the price remains and in fact got rejected on the (dashed) Channel Down.
A 4H candle close above it will be a buy signal for us, targeting the top of the Channel Up at 2070. On the contrary, a closing below the 4H MA200 (orange trend-line) will be bearish, targeting the 1D MA50 (red trend-line) at 1940.
Note the there is a Higher High Bullish Divergence on the 4H RSI, having rebounded after getting oversold.