Gold (XAUUSD) has been trading within a 4-month Channel Down and having mostly traded sideways last month, is approaching the 1D MA50 (blue trend-line), which has been the ultimate medium-term Resistance, holding since March 18.

The last rejection there (May 12), initiated a strong 2-tier Bearish Leg. With the 1D MA100 (green trend-line) / 1D MA200 (orange trend-line), forming a strong Bearish Cross recently, the market may apply additional selling pressure and finally test the long-term Support of the 1W MA100 (red trend-line) around $3750.

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