Gold needs the correction

Gold needs the correction

Recommendations: SELL $1260 SL $1280 TP1 $1230 TP2 $1220.

On the daily chart of gold, the formation of a double top and the inability of the "Bulls" to test the resistance at $1,280 tell us about weakness. A successful test of the convergence area $1245-1255 will allow the Bears to develop a correction.

On the hourly chart of gold, there are Fakeout-shakeout and Head and shoulders patterns. A false breakout of the upper border of the consolidation channel $1248-1274 with the subsequent return of quotes to its middle area shows that Bears are ready to attack. A breakout of the neckline will give us a signal for this attack.



USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

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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