XAU/USD: let’s buy gold

XAU/USD: let’s buy gold

Recommendation:

BUY 1218

SL 1203

TP1 1245 TP2 1263 TP3 1287

On the daily chart of XAU/USD, the pair left the downward channel and reached targets of the “Spike and ledge” pattern. It increased chances that the pair will reach the 161.8% target of the “Crab” pattern.  However, at first, bulls need to break the resistance at 1239-1245.

xauusd_d.png

On H1, the pair reached targets of the “Broadening wedge” pattern. A break of the resistance at 88.6% of the 4-5 wave let the pair to rise further. Up to now, there is a formation of the “head” within the “Dragon” pattern. A pullback to the 88.6% target of the “Bat” pattern should be used to buy.

xauusd_60.png

Similar

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

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