Recommendations: SELL 0…
XAU/USD: gold retreats, but doesn’t give up
BUY $1320 SL $1305 TP1 $1350 TP2 $1365 TP3 $1400
BUY $1300 SL $1285 TP1 $1330 TP2 $1350 TP3 $1365
On the daily chart, XAU/USD bulls didn’t manage to overcome significant resistance at $1360-1365 an ounce. As a result, the risks of correction and triggering of the “Bat” pattern increased. At the same time, the trend remains bullish, so pullbacks from diagonal support may be used for buying.
On H1 of XAU/USD, the “Shark” pattern is being triggered. Its 88.6% corresponds to the level of $1,323 an ounce. It is in the $1320-1323 convergence area.
Expanding bearish Ichimoku Cloud with falling Senkou Span A and B; the falling lines Tenkan-sen and Kijun-sen; the market made a new lows since Nov 2016.
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled dead cross of Tenkan-sen and Kijun-sen with the horizontal lines; the market had returned to negative area.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.