XAU/USD:  gold wants more but...

XAU/USD: gold wants more but...


SELL 1315 SL 1330 TP 1285 TP2 1272 TP3 1244

SELL 1325 SL 1340 TP 1295 TP2 1285 TP3 1272

On the daily chart, XAU/USD keeps forming a “Broadening wedge”. The pair’s correcting to 23.6%, 38.2% and 50% of the wave 4-5. It’s usually used for forming short positions. The inability of bulls to lead the pair outside of the downtrend channel points at their weakness.


On H1, a “Shark” is transforming into 5-0. At the same time, the pair is forming a “Broadening wedge”. Pullbacks to 23.6%, 38.2% and 50% of the wave 4-5 should be used for selling.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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