Gold: bulls fended off an attack

Gold: bulls fended off an attack

Recommendation:

SELL $1264

SL $1279

TP $1237 TP2 $1212

On the daily chart, the first attempt to test support at $1264-1267 an ounce was a failure. Bears want to repeat their attack. Their success will increase the odds of the pair reaching 78.6% and 200% targets of Gartley pattern and AB=CD.

Gold1.png 

On H1, to resume the downtrend XAU/USD needs to make another test of support at 88.6% of the last descending wave. If bulls manage to keep gold above the upper border of the downtrend channel, the possibility of reaching 88.6% target of the "Shark” pattern will increase.  

Gold2.png

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