Gold: will Bears manage to restore the downtrend?
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Recommendation:
SELL $1208 SL $1218 TP1 $1188 TP2 $1160,
BUY $1225 SL $1215 TP $1235.
On the daily chart of gold, Bulls managed to repeal the Bears’ attack on the support at $1209. The recent rebound tells us about the Bears’ weakness. A retest of the support at $1209 will lead to the continuation of the rally towards $1189, $1160 and $1142 (target 88.6% of the Bat pattern).
On the hourly chart of gold, a break of the support at $1225 will activate the Head and shoulders inverted pattern and increase the risks for the correction towards $1235 and $1244. For the restoration of the downtrend, bears need to send the quotes below $1208.
