A successful test of the lower border of the 1.2730-1.2920 consolidation range with the following renewal of May high opens the way up to 127.2% target of AB=CD.
XAU/USD: bulls are trying to break obstacles
TP1 1395 TP2 1420
On the daily chart of XAU/USD, the pair reached the upper boundary of the 1310-1360 consolidation for the third time since the end of February. The pair could not break the upper boundary both previous times, but bulls still hope to break it. If bulls manage to break the resistance at 1360-1365, the pair will move to the 127.2% target of the “AB=CD” pattern.
On H1, bulls prevail as long as the pair is above 1321 (the “Broadening wedge” pattern is not implemented). If the pair reaches the April high, odds of the rise to the 161.8% target of the “Crab” pattern will increase.
Recommendation: SELL 1311 SL 1326 TP1 1281 TP2 1272 TP3 1250 SELL 1280 SL 1295 TP1 1250 TP2 1244 On the daily chart of USD/XAU, bulls have to break resistance at 1302…
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices are reached the main daily resistance on 111.50 and the market is overbought now.
Narrow bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak golden cross of Tenkan-sen and Kijun-sen; the prices are three way bounced from the SSB’s resistance.
Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…
The European Central Banks left its key interest rates…