XAU/USD - 1M, 1W, 1D, 4H, all showing previous confluence for downside movements now they appear to be in agreeance once again halting the downside and resuming the beloved uptrend.
Final phase for downtrend in operation could turn at any point.
4H - RSI X-Oversold
1D - RSI still has waves to move to the downside to take us to the highlighted area + completing the descending wedge
* Support factors RSI oversold on 4H & soon to be on 1D + descending wedge on 1D
* Upcoming support, range + trendline
* Daily 200MA to coincide with both aforementioned support/bounce signals.
Looking to speculate on the long-side after a bounce as close as possible to the 200MA on daily TF
TP1 roughly at the top of the range channel within the region of 1600
TP2 just under the monthly 161.8 Fibonacci Extension to complete wave 5 of wave 3 (personally I would secure profit at 1680-88)
SL 1/4 of ATR below 200MA once a decent volume bounce is evident.
Much more upside predicted however will take a short on wave C and continue to attempt to catch a few long on wave(s) 3 & 5 on the next motive wave up.
Final phase for downtrend in operation could turn at any point.
4H - RSI X-Oversold
1D - RSI still has waves to move to the downside to take us to the highlighted area + completing the descending wedge
* Support factors RSI oversold on 4H & soon to be on 1D + descending wedge on 1D
* Upcoming support, range + trendline
* Daily 200MA to coincide with both aforementioned support/bounce signals.
Looking to speculate on the long-side after a bounce as close as possible to the 200MA on daily TF
TP1 roughly at the top of the range channel within the region of 1600
TP2 just under the monthly 161.8 Fibonacci Extension to complete wave 5 of wave 3 (personally I would secure profit at 1680-88)
SL 1/4 of ATR below 200MA once a decent volume bounce is evident.
Much more upside predicted however will take a short on wave C and continue to attempt to catch a few long on wave(s) 3 & 5 on the next motive wave up.