XAU/USD: strong signals to buy the gold

XAU/USD: strong signals to buy the gold

Recommendations:

BUY 1230 SL 1215 TP 1263 TP2 1287 TP3 1305

BUY 1218 SL 1203 TP1 1248 TP2 1263 TP3 1287

On the daily chart of XAU/USD, the pair keeps reaching targets of “Dragon” and “Crab” patterns.  To continue the upward movement, pair’s moves should form the “Dragon’s head” and retest the October high.

xauusd_d.png

On H1, the pair has been reaching targets of the “Dragon”, “Spike and ledge”, “Triangle”, and “Bat” patterns. A break of the resistance at 1,230 will let bulls continue the rally. A pullback from the support at 1,218 (88.6% target of the “Bat” pattern) may be used as a signal to buy.  

xauusd_60.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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