XAU/USD: gold was captured by bulls

XAU/USD: gold was captured by bulls

Recommendation:

BUY 1342

SL 1327

TP1 1372 TP2 1390 TP3 1400

On the daily chart of XAU/USD, a recoil from support at 1320 allowed bulls to counterattack. In case of a successful test of resistance near 1342, the odds of advance to 113% and 127.2% targets of the “Shark” and AB=CD will increase.  

Gold1.png 

On H1, if XAU/USD gets out of the descending triangle and rises above resistance at 1347 and 1357 will allow bulls to count on the continuation of the advance to 161.8% target of the “Crab” pattern.

Gold2.png

Similar

Check USD/TRY

USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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