XAU/USD: the gold is strong

XAU/USD: the gold is strong

Recommendation:

BUY 1,251 SL 1,236 TP1 1,271 TP2 1,287 TP3 1,308

On the daily chart of XAU/USD, the rebound from the support at 1,239 helped to open long positions. The gold needs to break the December's maximum to continue rising towards the 161.8% target of the AB=CD pattern. 

xauusd_d.png

On H1, the target of the "Wolfe Waves" pattern was reached. The reversal towards the 23.6% target of the "Shark" pattern's  CD wave as a part of its transformation into the 5-0 pattern gave an opportunity to open long positions. If the December's maximum is retested, the junior AB=CD pattern with the 200% target will be implemented. 

xauusd_60.png

Similar

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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