Thoughts on #XAUT (Gold):
$XAUT (gold) has been trading inside a massive descending channel on the 4H, and it just bounced off the lower boundary and reclaimed the channel midline. $XAUT is now pressing toward the upper boundary (~$4,050-$4,100) with the weekly VWAP (~$3,995) already reclaimed.
A 4H close above the upper boundary would be the breakout, and I'm expecting gold to run harder once it clears the channel, with $4,400 as the next target. If $XAUT falls back below the midline and the VWAP, the bounce loses steam.
$XAUT (gold) has been trading inside a massive descending channel on the 4H, and it just bounced off the lower boundary and reclaimed the channel midline. $XAUT is now pressing toward the upper boundary (~$4,050-$4,100) with the weekly VWAP (~$3,995) already reclaimed.
A 4H close above the upper boundary would be the breakout, and I'm expecting gold to run harder once it clears the channel, with $4,400 as the next target. If $XAUT falls back below the midline and the VWAP, the bounce loses steam.
