XAU/USD: bears are firm

XAU/USD: bears are firm

Recommendation:

SELL $1271 SL $1286 TP1 $1237 TP2 $1212

On the daily chart, bulls are clinging to an important level of $1281 an ounce. Their failure will return the initiative to bears and increase the risks of decline to 78.6% and 200% targets of “Gartley” and AB=CD patterns.

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On H1, XAU/USD keeps forming an inverted 5-0 pattern. Pullbacks to 50%, 38.2% and 23.6% of the wave CD are usually used for buying. A decline below support levels at $1271 and $1267 an ounce may be a signal for forming short positions.

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