XAU/USD: Indians prefer gold

XAU/USD: Indians prefer gold

Recommendation: BUY 1,272 SL 1,257 TP1 1,286 TP2 1,301 TP3 1,325

On the daily chart, XAU/USD keeps forming patterns 5-0 and a “Widening wedge”. The pair is moving towards a convergence area of 1,244-1,250 (50% correction of the last long-term bullish wave + 88.6% target of a “Shark”). At the same time, if it reaches 161.8% target of AB=CD, the risks of a pullback will increase.

Gold1.png 

On H1 of XAU/USD, the formation of the “Three Indians” and 1-2-3 patterns creates a possibility for a bullish counterattack. To begin with, buyers have to overcome resistance at the level of 1,272.

Gold2.png

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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