XAUUSD Important test of the 4H MA50.Gold broke above the 1800 barrier which also was the 0.5 Fibonacci retracement level and as you see an important symmetrical pressure level. Those pressure levels (marked by the blue zones), are on some occasions exactly on the Fibonacci trend-lines.
At the moment, Gold is testing the 4H MA50 (blue trend-line) as Support for the first time since June 11. Since the whole pattern appears to be fairly symmetrical itself (see how the 1760 symmetrical Support cluster held both during April and during June), we can argue that if the 4H MA50 holds, it will provide a strong uptrend, similar to the May 13 hold.
Right now though there is a strong Resistance Zone which consists of the 4H MA200 (orange trend-line, which wasn't there back in May) and the 1W MA50 (bold red line), which provided Resistance back in May.
It may be best to be conservative with buying now (as long as the 4H MA50 holds) and aim on the short-term levels of 1840. Continuation buying can be made once the Lower Highs trend-line (black dashed line) breaks.
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