The pair is greatly influenced by the constant changes in global risk sentiment as well as the policy of the central banks.
XAU/USD: bears are armed with a wedge
SELL 1290 SL 1305 TP1 1272 TP2 1244
BUY 1300 SL 1285 TP1 1324 TP2 1333 TP3 1349
On the daily chart, XAU/USD formed a “Broadening wedge”. To continue the decline towards 50% and 61.8% of the last long-term bullish wave, the pair has to renew June low.
On H1, XAU/USD formed a “Spike and ledge” on the basis of 1-2-3. A pullback from the upper border of the 1290-1307 consolidation range will be a signal for selling. On the other hand, a break to the middle of the ledge will trigger a bullish “Shakeout-Fakeout”.
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...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...