XAU/USD: bears are firm

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.



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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