XAU/USD: the gold strengthens
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Recommendation:
BUY 1229 SL 1214 TP1 1250 TP2 1263 TP3 1271
BUY 1239 SL 1224 TP1 1263 TP2 1271 TP3 1287
On the daily chart of XAU/USD, the successful break of the resistance at 1,229 signaled the further rise of the gold. Bulls need to break the resistance at 1,239 and update the October's maximum to continue going up and to implement the 161.8% target of the AB=CD pattern.
On H1, the implementation of the "Shark" (113%) and the "Wolfe Waves" patterns' targets continues. They form a convergence zone between 1,248 and 1,250. The risks of the rebound from that range are quite high.
