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The advance of gold (XAU/USD) this week has been too rapid. The precious metal got overbought. Both on the W1 and H4, the price highs weren’t confirmed by the highs of the Awesome Oscillator. In other words, there was bearish divergence. On the D1, a spike was formed and XAU/USD turned around to the downside and closed at the previous day low thus engulfing Tuesday’s and Monday’s candlesticks. It seems that there’s an interim top and that the correction might take the price further down.
A decline below 1,540 (50-period MA on H4) will open the way down to 1,528 (50% Fibonacci of the November-January advance). The next support will be at 1,509. The major resistance is located at 1,557. The return to this area may once again attract sellers. Only the advance above this point will let the price rise back to 1,577.
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.
Ichimoku Kinko Hyo CAD/JPY: The pair is trading above the cloud…
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
Ichimoku Kinko Hyo GBP/JPY: The pair is trading below the cloud…
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