XAU/USD: Indians will show way for gold

XAU/USD: Indians will show way for gold

Recommendation: SELL $1280 SL $1296 TP $1264 TP2 $1250

On the daily chart, XAU/USD managed to return inside the bullish medium-term uptrend channel. Successful test of resistance at $1297 will trigger AB=CD pattern. Its 200% is near $1385. On the other hand, failure will allow bears to seize the initiative.


On H1, XAU/USD formed a reversal pattern: a combination of “Three Indians” and 1-2-3. A break below correction low at the point 2 will signal the start of corrective move. There’s also diagonal resistance at 23.6% of the last bullish wave.  



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.


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