Gold is about to choose direction

Gold is about to choose direction

Recommendation:

BUY 1213 SL 1198 TP1 1243 TP2 1263 TP3 1285

SELL 1188 SL 1203 TP1 1158 TP2 1143 TP3 1128

On the daily chart, XAU/USD keeps consolidating in the 1188-1213 range. A break of its upper border will increase the odds of advance towards 161.8% target of a “Crab”. On the other hand, a decline below support at 1188 will open the way down to 161.8% target of AB=CD.

XAUUSD Daily.png 

On H1, XAU/USD keeps forming a “Spike and ledge” and a “Broadening wedge”. Support at 1188 or resistance at 1213 will help to determine the further direction.

xauusd_60.png

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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