Gold: bulls started to lose

Gold: bulls started to lose


SELL $1263

SL $1273

TP $1248.

On the daily chart, bulls keep trying to return the prices inside the previous uptrend channel. Gold price formed an inside bar and doji. This points at uncertainty. Buyers’ success will allow us to expect a resumption of an uptrend, while their failure will trigger a correction.


On H1, the prices reached 200% target of AB=CD and finished forming the “Widening wedge” pattern. The break of support at $1263 an ounce will open the way down to $1257 and $1248.



USD/JPY: the Bulls don’t want to give up

Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel of Tenkan-Kijun; the market is breaking out the resistance of Tenkan-sen and Kijun-sen.

AUD/USD: market is oversold

Bearish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market is oversold and aussie may go to Tenkan-sen in correctional movement.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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