Gold: step forward, two backwards

Gold: step forward, two backwards

On the daily chart of gold, the exit of quotes from the triangle allowed the Bulls to return to the upward trading channel. If buyers fail to gain a foothold there and push the quotes towards the support at $1256 will tell us about their weakness and open the way towards $1240-1245. For continuation of the rally, the Bulls need to update the May high.

On the hourly chart of gold, a breakout of support at $1,260 will allow the Bears to return quotes within the borders of the triangle and activate the Shark pattern. Its targets are located near the marks of $1,250 and $ 1,245.



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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