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.
Intraday ideas for XAU/USD
Information is not investment advice
The fundamental picture for gold is positive: the precious metal is a safe haven asset and tends to strengthen during the periods of market uncertainty. Still, its intraday moves can take different directions. After forming a diamond-like top below 1,700, XAU/USD went consolidating between 1,665 (38.2% Fibo of March 9-10 decline; 100- and 50-hour MAs) and 1,642 (200-hour MA). There are also support levels at 1,656 and 1,650. The breakouts of the mentioned levels will determine the short-term dynamic.
Trade ideas for XAU/USD
SELL 1,655.50; TP1 1,650; TP2 1,642.50; SL 1,657
BUY 1,668; TP1 1,672; TP2 1,680; SL 1,666
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.
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