XAU/USD: gold chose direction
Read the article on FBS website
Recommendation:
SELL $1266
SL $1281
TP1 $1237 TP2 $1212
On the daily chart, inability of bulls to conquer resistance at $1299-1302 an ounce with the following return of the price inside the $1266-1288 consolidation range points at buyers’ weakness. As a result, risks of the price reaching 78.6% and 200% targets of “Gartley” and AB=CD increased.
On H1, gold’s going outside of the short-term uptrend channel with the following retest of diagonal resistance confirms that bears are serious.
