XAU/USD: gold fights for an initiative
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Recommendations:
BUY 1233 SL 1218 TP1 1248 TP2 1270 TP3 1288
SELL 1214 SL 1229 TP1 1190 TP2 1182
On the daily chart of XAU/USD, the pair reached the 88.6% target of the “Shark” pattern. As a result, risks of the pullback to 23.6%, 38.2% and 50% from the CD wave increased. If bulls fail to counterattack, it will signal their weakness and will let bears pull the pair to 113% target of the “Shark” pattern.
On H1, if the pair reaches the 61.8% target, there is a possibility of a transformation of the “Shark” pattern to 5-0. If bears break the support at 1,214, they will be able to continue the downward movement.
