Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, rising Kijun-sen; the market supported by Tenkan-sen and it will continue the uptrend.
Gold: bulls started to lose
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.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the prices are a tested the main daily resistance, but the market needs a correction.
Recommendation: BUY 0…
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