XAU/USD has spread its wings

XAU/USD has spread its wings

Recommendation:

BUY $1321

SL $1305

TP $1351 TP2 $1386

On the daily chart, XAU/USD keeps rallying towards 200% target of the AB=CD pattern. The area of $1347-1352 acts as key resistance. Support is near $1320.4-1321.6. Bulls retain control, so buying on the pullbacks is the main strategy.

XAU1.png 

On H1, XAU/USD keeps forming “Spike and reversal with acceleration”. As long as the pair remains above the trend line of the first stage ($1290), the outlook is bullish.

XAU@.png

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Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the market made new lows, but there is a strong support on 111.00.

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