XAU/USD: bulls should surrender

XAU/USD: bulls should surrender

Recommendation:

SELL 1,196

SL 1,211

TP1 1,181 TP2 1,172 TP2 1,160

On the daily chart of XAU/USD, bulls couldn’t break the resistance at 1,216 and hold the pair above 1,209. It signals their weakness. Bears took the initiative and have been trying to resume the downtrend.

xauusd_d.png

On H1, the trend was replaced by the consolidation. The “Broadening wedge” pattern is forming. If bears break the support at 1,196, there are odds of the further fall to 1,187, 1,181 and 1,172. These levels correspond to 50%, 61.8%, and 78.6% correction levels from the upward wave.

xauusd_60.png

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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