XAU/USD: gold is wandering through channels
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Recommendations:
BUY $1344 SL $1329 TP $1374 TP2 $1390 TP3 $1410
SELL $1320 SL $1335 TP1 $1290 TP2 $1270
On the daily chart XAU/USD, a rebound from the bottom line of the uptrend channel allowed gold to hope for the bullish trend’s recovery again. Nevertheless, if a repeated test of the support at $1320 an ounce succeeds, risks of correction will increase.
On H1, there is a transformation of the “Shark” pattern in 5-0. A successful break of the support at $1329.5-1330.5 will activate a bearish trend. A necessary condition for the recovery of the bullish trend is the return of gold to the previous uptrend channel.
