XAU/USD: bears are attacking

XAU/USD: bears are attacking

Recommendation:

BUY $1254

SL $1240

TP1 $1281 TP2 $1300 TP2 $1315 

On the daily chart, XAU/USD went to an important support at $1267.6 an ounce. If bears manage to conquer it, risks of continuation towards the lower border of uptrend channel will significantly increase. On the other hand, recoil to the downside will allow consolidation in the $1265-1315 range.

XAU1.png 

On H1, XAU/USD is heading towards $1254. Near it there’s a lower border of the downtrend channel, 224% target of AB=CD and historic support. This increases the risks of a pullback.

XAU2.png

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