XAU/USD: Gold has come to the Rubicon

XAU/USD: Gold has come to the Rubicon

Recommendations:

SELL 1282 SL 1297 TP1 1252 TP2 1244 TP3 1215

BUY 1308 SL 1293 TP1 1325 TP2 1335 TP2 1349

On the daily chart of XAU/USD, the 1,282-1,308 consolidation continues. A break of its upper boundary will increase odds of a correction to 50% and 61.8% of the 4-5 wave of the “Broadening wedge” pattern. Conversely, a break of the support at 1,282 will let bears pull the pair down.  

xauusd_d.png

On H1, if the “Broadening wedge” pattern is implemented, the pair will reach the 200% target of the AB=CD. Vice versa, if the “Crab” pattern is implemented, the pair will reach its 161.8% target.  

xauusd_60.png

Similar

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

EUR/CAD is ready for a move

EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.

Latest news

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

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