XAUUSD: Overbought and in need of a correction.

Gold is vastly overbought on the 1D timeframe (RSI = 80.321, MACD = 21.500, ADX = 21.500) with the recent rally hitting the top of the HH trendline of candle bodies of the four month Channel Up. The 4H RSI is displaying a massively overbought sideways structure which since October has marked market tops. The corrections that followed these three peaks ranged from -4% to -5.60%. Consequently our bearish target is a minimum of -4.00% decline on the 4H MA200 (TP = 2,070).



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