Gold is about to choose direction

Gold is about to choose direction

Trade ideas

SELL at 1233; TP1 1229; TP2 1224; SL 1235

BUY at 1245; TP 1250; SL 1243

The price reached the target of the buy trade we recommended on Monday, and now it’s time to reevaluate the situation.

Gold seems once again intimidated by the resistance of 200-week MA (1233.70) and 38.2% Fibo (1238.50). A break above October high at 1243.35 is needed to bring the precious metal to the declining 200-day MA at 1251. On the other hand, a decline below yesterday’s low at 1233 will open the way down.



NZD/USD: bulls stabilize the trend

On the daily chart of NZD/USD, bears managed to take control over the situation and pull the pair towards the lower border of the upward channel due to the "Three Indians" pattern.


Latest news

GBP/USD: confirmed "Thorn" pattern

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...


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