XAU/USD: gold is looking for a bottom
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Recommendation: BUY 1246 SL 1231 TP1 1261 TP2 1280 TP3 1300
On the daily chart of XAU/USD, the short-term downtrend continues in line with the formation of a “Double top”, AB=CD and a “Widening wedge”. Bears aim at 1231 and 1218 (261.8% and 113% targets of AB=CD and the “Shark”). Bulls are counting on the counterattack from 1229-1232.
On H1 of XAU/USD, there’s a formation of a “Spike and reversal with acceleration”. A break of a trendline will increase the risks of a pullback to the upper border of the downtrend channel.
