
We have outlooked several promising Forex pairs and the result can surprise you!
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XAU/USD has been consolidating within the narrowing wedge since 2016. It seems like the price is trying to form a top in the upper part of this range and turn lower. The bearish candlestick on W1 with a very long upside wick is a negative sign. A decline below the support at 1,276 (38.2% Fibo of the 2018-2019 advance) will bring the price down to 1,260 (50-week MA) and 1,253 (50% Fibo). The picture will remain bearish as long as gold is trading below 1,302.
We have outlooked several promising Forex pairs and the result can surprise you!
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The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
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