Gold: bulls fended off an attack
Read the article on FBS website
Recommendation:
SELL $1264
SL $1279
TP $1237 TP2 $1212
On the daily chart, the first attempt to test support at $1264-1267 an ounce was a failure. Bears want to repeat their attack. Their success will increase the odds of the pair reaching 78.6% and 200% targets of Gartley pattern and AB=CD.
On H1, to resume the downtrend XAU/USD needs to make another test of support at 88.6% of the last descending wave. If bulls manage to keep gold above the upper border of the downtrend channel, the possibility of reaching 88.6% target of the "Shark” pattern will increase.
