{"id":12546,"date":"2022-09-26T09:56:25","date_gmt":"2022-09-26T09:56:25","guid":{"rendered":"https:\/\/tradingshot.com\/?p=12546"},"modified":"2023-05-15T09:58:12","modified_gmt":"2023-05-15T09:58:12","slug":"xauusd-channel-down-bottomed-potential-short-term-buy","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2022\/09\/26\/xauusd-channel-down-bottomed-potential-short-term-buy\/","title":{"rendered":"XAUUSD Channel Down bottomed. Potential short-term buy."},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Gold (XAUUSD) following the rejection on the 4H MA50 (blue trend-line), which is the short-term Resistance, hit and even marginally broke today, the bottom (Lower Lows trend-line) of the Channel Down since the August 10 High, which technically defines the medium-term bearish trend.<\/p>\n<p>The recent Lower Lows though have been formed while the RSI on the 1D time-frame has been holding its Support Zone. The last time we saw that pattern was during the July 06 &#8211; July 21 Lower Lows. The RSI then bounced on its Support Zone and Gold rallied to its 0.618 Fibonacci level that was eventually the August 10 High.<\/p>\n<p>As a result, we are willing to buy today&#8217;s bottom rebound on what seems to be the early stages of a short-term rally. We are setting short-term targets and only if broken we&#8217;re willing to move to the next one as the long-term trend remains bearish. As such the first would be the 4H MA50 (blue trend-line), following by the top (Lower Highs trend-line) of the Channel Down. If we close a day above it, then we can move to the 4H MA200 (orange trend-line) and the 0.618 Fib (1738.50) in extension.<\/p>\n<p>Tradingview link:<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/XAUUSD\/np1z1BZK-XAUUSD-Channel-Down-bottomed-Potential-short-term-buy\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tradingview.com\/chart\/XAUUSD\/np1z1BZK-XAUUSD-Channel-Down-bottomed-Potential-short-term-buy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Gold (XAUUSD) following the rejection on the 4H MA50 (blue trend-line), which is the short-term Resistance, hit and even marginally broke today, the bottom (Lower Lows trend-line) of the Channel Down since the August 10 High, which technically defines the medium-term bearish trend. The recent Lower Lows though have been formed while the RSI<\/p>\n","protected":false},"author":611,"featured_media":12547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1638],"tags":[],"class_list":["post-12546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities"],"_links":{"self":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/users\/611"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/comments?post=12546"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12546\/revisions"}],"predecessor-version":[{"id":12549,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12546\/revisions\/12549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/12547"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=12546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=12546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=12546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}