XAU/USD: the gold can rise

XAU/USD: the gold can rise

Recommendation: BUY 1229 SL 1214 TP1 1263 TP2 1287 TP3 1309

On a daily chart of XAU/USD, the upper border of the downward channel remains the resistance for the pair. If bulls manage to break it and test the resistance at 1229, XAU/USD will rise at least towards the 127.2% target of the AB=CD pattern. If bulls’ attempt is unsuccessful, bears will take over.


On H1, the “Wolfe Waves” and “Shark” patterns are implemented. The pair needs to break the resistance at 1229 to continue moving towards the 88.6% target of the “Shark” pattern and higher.



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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