Gold (XAUUSD) took advantage of the lower than expected U.S. CPI and rose aggressively back above both the Channel Down and the 4H MA50 (blue trend-line) but not before hitting our Lower Low target within the Channel Down (see chart below):
Even though this rise is more based on fundamentals than technicals, the price is approaching the 0.618 Fibonacci retracement level where the previous Channel Down break-out formed a top and reversed (September 01 2023). If fundamentals continue to influence the market more, then we might see Gold rise a little more, until the 4H RSI gets close to 80.00, but the upside is limited. You can start selling with a first short-term target the 0.236 Fib ay 1947.50.
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Even though this rise is more based on fundamentals than technicals, the price is approaching the 0.618 Fibonacci retracement level where the previous Channel Down break-out formed a top and reversed (September 01 2023). If fundamentals continue to influence the market more, then we might see Gold rise a little more, until the 4H RSI gets close to 80.00, but the upside is limited. You can start selling with a first short-term target the 0.236 Fib ay 1947.50.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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