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XAU/USD: the gold can rise

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Recommendation: BUY 1229 SL 1214 TP1 1263 TP2 1287 TP3 1309

On a daily chart of XAU/USD, the upper border of the downward channel remains the resistance for the pair. If bulls manage to break it and test the resistance at 1229, XAU/USD will rise at least towards the 127.2% target of the AB=CD pattern. If bulls’ attempt is unsuccessful, bears will take over.

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On H1, the “Wolfe Waves” and “Shark” patterns are implemented. The pair needs to break the resistance at 1229 to continue moving towards the 88.6% target of the “Shark” pattern and higher.

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