XAUUSD: Channel Up intact and is targeting 3,000.

Gold is bullish on its 1D technical outlook (RSI = 59.990, MACD = 28.040, ADX = 55.806) despite consolidating for the past 7 days. The reason is that the long term Channel Up is intact and in fact has started its new bullish wave by crossing over the HH trendline. This has already happened twice inside the pattern and in those instances, as long as the 1D MA50 remained intact, the rise reached the 2.618 Fibonacci extension. Our target this time is a little lower (TP = 3,000).


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