XAUUSD First time to hit the 1D MA50 in 1.5 month. What next?

Oct 5, 2022

Last week (September 28) we posted our usual 1D Gold (XAUUSD) analysis, calling for a buy after the metal completed a -10.60% drop from its previous Channel Down High:

As you see the price action validated that projection and Gold finally hit yesterday the 1D MA50 (blue trend-line), which was our immediate target. That was the first time this MA level got hit since August 17. Notice how this rise broke above Channel Down (1) (blue one) and has effectively confirmed the emergence of Channel Down (2) (green one), that we talked about on last week's analysis. So how will Gold trade now?

From a 1D MACD standpoint, the sell confirmation comes when it forms a Bearish Cross. That has been a consistent Sell Signal throughout the whole year. Even though we are near the top of Channel Down (2), it is best to sell either on the 1D MACD signal or if we break below the 4H MA50 (red trend-line), which is again consistent with how the previous downtrends began. We are only willing to buy if the price breaks above the 1D MA100 (green trend-line), which is intact since May 06 and target the 1D MA200 (orange trend-line).


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