Gold prices took a break

Gold prices took a break

On the daily chart of gold, there is a desperate struggle for an important level $1,286. There is an intermediate 127.2% target in the AB = CD pattern. The bulls' win will lead to the continuation of the rally. In contrast, their defeat can lead to the development of the correction towards $1,260.

On the hourly chart of gold, buyers need to test the upper border of the ledge in the "Splash and Ledge" pattern ($1,292). The drop of quotes below the support at $1,278 per ounce will activate the expanding wedge pattern and can potentially lead to the pullback towards $1,260.

Recommendations: hold longs (BUY $1278 SL $1263 TP1 $1312 TP2 $1340),

BUY 1260 SL 1245 TP 1300.

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