XAU/USD: bears got out

XAU/USD: bears got out

Recommendation:

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.

XAU1.png 

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.

XAU2.png

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