XAU/USD: gold is stregthening

XAU/USD: gold is stregthening

2022-12-14 • Updated

Recommendation:

BUY 1225

SL 1210

TP1 1248 TP2 1255 TP3 1263

On the daily chart of XAU/USD,  bears couldn't keep the pair within the 1185-1215 consolidation. It signals their weakness. A break of the upper boundary of the downward channel will increase odds of the rise to the 127.2% target of the AB=CD pattern.

xauusd_d.png

On H1, the "Wolfe waves" pattern keeps forming.  A successful test of the resistance at 1225 will let bulls hope for the implementation of the "Shark" pattern. Its 113% target is near 1248.

xauusd_60.png

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