GOLD: bulls showed weakness

GOLD: bulls showed weakness

Recommendation:

SELL $1267

SL $1280

TP $1250 TP2 $1235 TP3 $1224

On the daily chart, the second attempt of bulls to return the quotes inside the previous medium-term bullish channel failed. If bears manage to let gold outside the short-term bullish channel and then pull the price below support at $1250 an ounce, the odds of reaching 88.6% target of the Shark pattern will strengthen.

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On H1, bears still have a chance of the “Widening wedge” pattern. For that, there’s the need of successful test of support at $1267 and $1252.

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