Gold is trapped in the triangle

Gold is trapped in the triangle


BUY $1262,5 SL $1252,5 TP $1315,

SELL $1248 SL $1258 TP1 $1233 TP2 $1224.   

On the daily chart of gold, quotes are hovering near the upper border of the triangle. A break of the resistance and return of quotes to the upward trading channel can lead to the continuation of the rally towards  $1315 per ounce (target 127.2% of the AB = CD pattern). In contrast, the return of the bullion to the long-term downward trading channel may result in the correction to the medium-term bullish trend.

On the hourly chart of gold, there is a consolidation within the triangle. A break of the resistance at $1262.5 will create prerequisites for the continuation of the rally. A successful test of the support at $1248.3 is fraught with the rollback.


EUR/USD: euro wants to surf

On H1 of EUR/USD, bulls want to trigger “Wolfe waves” pattern with a target at the line 1-4. At the same time, if the pair doesn’t leave the downtrend channel, their plans will fail.  

USD/JPY: the Bears have won

Narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines



Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

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