XAU/USD has reached resistance
XAU/USD reached resistance of the uptrend channel in the area of 1347.
Gold: bulls started to lose
Recommendation:
SELL $1263
SL $1273
TP $1248.
On the daily chart, bulls keep trying to return the prices inside the previous uptrend channel. Gold price formed an inside bar and doji. This points at uncertainty. Buyers’ success will allow us to expect a resumption of an uptrend, while their failure will trigger a correction.
On H1, the prices reached 200% target of AB=CD and finished forming the “Widening wedge” pattern. The break of support at $1263 an ounce will open the way down to $1257 and $1248.
Ivan Karamazov
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