Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines.
Gold: will Bears manage to restore the downtrend?
SELL $1208 SL $1218 TP1 $1188 TP2 $1160,
BUY $1225 SL $1215 TP $1235.
On the daily chart of gold, Bulls managed to repeal the Bears’ attack on the support at $1209. The recent rebound tells us about the Bears’ weakness. A retest of the support at $1209 will lead to the continuation of the rally towards $1189, $1160 and $1142 (target 88.6% of the Bat pattern).
On the hourly chart of gold, a break of the support at $1225 will activate the Head and shoulders inverted pattern and increase the risks for the correction towards $1235 and $1244. For the restoration of the downtrend, bears need to send the quotes below $1208.
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with rising lines.
On the daily chart of EUR/GBP, bears couldn't break the support at 0.87 ( the bottom line of the longterm consolidation within the "Spike and ledge" 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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There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...