Recommendation: BUY 0…
XAU/USD: bears are firm
SELL $1271 SL $1286 TP1 $1237 TP2 $1212
On the daily chart, bulls are clinging to an important level of $1281 an ounce. Their failure will return the initiative to bears and increase the risks of decline to 78.6% and 200% targets of “Gartley” and AB=CD patterns.
On H1, XAU/USD keeps forming an inverted 5-0 pattern. Pullbacks to 50%, 38.2% and 23.6% of the wave CD are usually used for buying. A decline below support levels at $1271 and $1267 an ounce may be a signal for forming short positions.
The last consolidation resulted in a massive bullish rally. Finally, the price faced resistance at 1.1365, so bears are likely going to...
The 55 Moving Average has acted as a resistance, so there’re a “Shooting Star” and a “Doji”.
GBP/CHF broke pivotal resistance level 1…