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.
XAU/USD has reached resistance
Information is not investment advice
XAU/USD reached resistance of the uptrend channel in the area of 1347. There’s a bearish divergence between the price and the oscillators on D1. This is a sign of the potential correction to the downside. Support lies at 1326 (previous high) and 1310 (trendline support). At the same time, the uptrend looks rather strong, so we can’t rule an attempt of buyers to test higher levels. The targets will lie at 1357/1360.
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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