XAU/USD: bulls got carried away with their attack

XAU/USD: bulls got carried away with their attack


BUY $1323 SL $1308 TP1 $1353 TP2 $1380

SELL $1314 SL $1329 TP $1284 TP2 $1266 TP3 $1237

On the daily chart, bulls managed to return XAU/USD to the uptrend channel. After that the pair formed a “Shakeout-Fakeout” pattern. This increases the risks of the bullish trend’s resumption. To begin with, buyers need to conquer resistance at $1321 an ounce. Their inability to do it will point at their weakness.


On H1, XAU/USD formed a “Spike and ledge” on the base of 1-2-3.



GBP/USD: pound still supported by Cloud

Expanding bullish Ichimoku Cloud, but falling Senkou Span B(!); a golden cross of Tenkan-sen and Kijun-sen; the market supported by Cloud, but the Bulls can’t continue an existing uptrend.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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