XAU/USD: gold is making a wedge
Read the article on FBS website
Recommendation:
SELL 1282
SL 1297
TP1 1252 TP2 1244 TP3 1215
On the daily chart, XAU/USD keeps forming a “Broadening wedge”. The inability of bulls to overcome resistance at 23.6% of the wave 4-5 and lead the pair out of the descending trade channel points at their weakness. If gold renews May low, it will continue moving down to 88.6% target of the “Double top”.
On H1 of XAU/USD, a break of support at 1282 will trigger AB=CD pattern and increase the risks of a decline to its 200% target.
