XAU/USD: bears are preparing a trap

XAU/USD: bears are preparing a trap

2019-11-11 • Updated

Recommendations:

SELL 1326 SL 1339 TP1 1296 TP2 1272 TP3 1244

SELL 1333 SL 1346 TP1 1302 TP2 1272 TP3 1244

SELL 1340 SL 1353 TP1 1310 TP2 1302 TP3 1272

On the daily chart, XAU/USD keeps consolidating in the 1302-1360 range. Another test of its lower border ended the formation of the “Widening wedge” pattern. Pullbacks towards 23.6%, 38.2% and 50% of the wave 4-5 are usually used for selling.

Gold1.png  

On H1, a “Shark” pattern is transforming into 5-0. Corrections to 1326, 1333 and 1340 may be used for selling.

Gold2.png

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