XAU/USD: Gold has come to the Rubicon

XAU/USD: Gold has come to the Rubicon


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.  


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.  



USD/ZAR met resistance

USD/ZAR recoiled down from the resistance line connecting October highs and slipped under the daily moving averages.

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