XAUUSD Targeting the 4H MA200 short-term

٢٣ مايو ٢٠٢٢Gold (XAUUSD) has turned the 4H MA50 (blue trend-line) into a Support as it broke the Lower Highs trend-line of the April/ May downtrend. As you see this is now the Pivot line and last week it successfully held as Support upon testing.

The 4H RSI got rejected exactly on the 70.00 overbought barrier and should turn neutral as the rise will most likely continue in a more sustainable manner. As long as the 4H MA50 pushes the price, the short-term target is the 4H MA200 (orange trend-line) with our projections showing contact within 1885 - 1890. See also how well the Fibonacci retracement levels have acted as Resistances and provided short-term rejections.


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