Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the market made new lows, but there is a strong support on 111.00.
Bulls regained their strength
On the daily chart of gold after reaching the 127.2% target in the "Perfect Butterfly" pattern there was a rebound from the lower boundary of the downward trading channel followed by the development of an upward short-term trend. If the bulls manage to settle down above $1,205 (38.2% Fibo level of the last downward wave), then the risks of continuation of the rally towards $1,230 and $1,255 will increase.
On the hourly chart of gold, an ascending triangle was formed. A breakout of its upper boundary will create prerequisites for the realization of the "bullish" scenario. There might be a correction towards an uptrend once diagonal support near $1,195 is tested successfully.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the prices are entered into the Cloud.
Recommendation: BUY 111…
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