Pullbacks towards 23.6%, 38.2%, and 50% of the wave 4-5 can be used for selling with 161.8% target of AB=CD.
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.
On the daily chart, XAU/USD keeps consolidating in the 1188-1213 range.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen but the lines are horizontal.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...