XAU/USD: the gold is going up

XAU/USD: the gold is going up

Recommendation:

BUY 1238 SL 1223 TP1 1263 TP2 1270 TP3 1287,

BUY 1230 SL 1215 TP1 1263 TP2 1270 TP3 1287

On the daily chart of XAU/USD, the correction to the downward middle-term trend continues. Bulls move towards the 161.8% target of the AB=CD pattern. They keep the situation under control. That's why the reversals with the following rebounds from the supports at 1239 and 1230 can be used to open long positions. 

xauusd_d.png

On H1, the pair reached the targets of the "Wolfe Waves" and "Shark" patterns. It increased the risks of the reversal towards the 23.6%, 38.2% and 50% targets of the CD wave as a part of the transformation into 5-0.

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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