XAU/USD: buy gold

XAU/USD: buy gold

Recommendation:

BUY 1212

SL 1197

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.

xauusd_d.png

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. 

xauusd_60.png

Similar

XAU/USD: a short-term trade

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.

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