XAUUSD Bearish continuation on a Double Channel Down
Gold / XAUUSD remains under the 1hour MA50, inside a short term Channel Down (started September 11th) within a longer term Channel Down (started September 1st).
As long as it remains under, the action is bearish. Sell and target 1893.50 (bottom of the long term Channel Down and -1.95% decline from the top, same as the September 6th Low.
If a 1hour candle closes over the 1hour MA50, you can take a fast buy for quick gains and target 1,918. The trend changes long term only if the 1hour MA200 breaks.
Previous chart:
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As long as it remains under, the action is bearish. Sell and target 1893.50 (bottom of the long term Channel Down and -1.95% decline from the top, same as the September 6th Low.
If a 1hour candle closes over the 1hour MA50, you can take a fast buy for quick gains and target 1,918. The trend changes long term only if the 1hour MA200 breaks.
Previous chart:
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