USD/CAD formed a “gravestone doji” candlestick on the W1 ahead of the 50-week MA (1.3280). Learn more!
XAU/USD: buy gold
TP1 1242 TP2 1263 TP3 1287
On the daily chart of XAU/USD, bears managed to pull the pair to targets of 1-2-3 and "Bat" patterns and return gold to the previous consolidation of 1185-1215. As a result, the "Shakeout-Fakeout" pattern was implemented and risks of the continuation of the downtrend increased. However, the 88.6% target of the "Bat" pattern may stop sellers.
On H1, the pair reached targets of "Three Indians" and 1-2-3 patterns after that the "Wolfe waves" pattern was implemented. A break of the resistance at 1212 is a bullish signal.
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
The US dollar is currently in a correction, but is likely to continue the trend down.
The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?