XAU/USD: bears prepare a trap

XAU/USD: bears prepare a trap

Recommendation:

SELL $1267

SL $1282

TP1 $1237 TP2 $1212

On the daily chart, XAU/USD is retesting the lower border of the previous consolidation range of $1264-1298 an ounce. To return inside it, bulls need to overcome resistance at $1264-1267. On the other hand, a pullback will create grounds for the current downtrend’s resumption towards 200% target of AB=CD. 

Gold1.png 

On H1, XAU/USD keeps retracing the current downtrend in the direction of convergence area near $1267 an ounce. A pullback will create an opportunity for short positions.

Gold2.png

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