XAU/USD is going to the abyss

XAU/USD is going to the abyss

Recommendation:

SELL 1206

SL 1221

TP1 1175 TP2 1165 TP3 1151

On the daily chart, bears managed to move XAU/USD to 113% target of the “Double top”. As gold approached the convergence area of 1175 (78.6% of the long-term bullish wave) – 1184 (113% target) increases the odds of a pullback. On the other hand, if the support breaks, the decline will likely continue towards 1151.

XAUUSD daily.png 

On H1, bears managed to form a “Spike and ledge” pattern and lead XAU/USD out of the 1206-1218 consolidation range. Use pullbacks of resistances for selling.

XAUUSD h1.png

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How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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