XAU/USD has spread its wings

XAU/USD has spread its wings


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.


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.




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: 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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