XAU/USD: bears play false

XAU/USD: bears play false

Recommendations:

BUY 1345

SL 1330

TP1 1374 TP2 1394

On the daily chart of XAU/USD, bears are trying to form the “Shakeout-Fakeout” pattern as the pair could not break the upper boundary of 1302-1340 consolidation. To implement it the pair has to break the support at 1321. Vice versa, the hit of resistances at 1340 and 1345 will let bulls to hope on the continuation of the rally to 113% and 127.2% targets of “Shark” and “AB=CD” patterns.

xauusd_d.png

On H1, the implementation of the “Butterfly” pattern will increase risks of the sharp decline. To resume the uptrend bulls should break the resistance at 1345.

xauusd_60.png

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