XAU/USD: bears got out

XAU/USD: bears got out


SELL $1266

SL $1281

TP1 $1237 TP2 $1212

On the daily chart, a break of XAU/USD below the lower border of a $1266-1288 consolidation range allowed bears to get out. The target of 78.6% of the Gartley pattern is almost reached. The next one is 200% target of AB=CD. As long as gold is below 1266, sellers retain control of the market.


On H1, the exit outside of the descending trend channel with the following test of resistance at $1252 creates grounds for a pullback. It should be used for forming short positions.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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