XAU/USD: bears want more

XAU/USD: bears want more

Recommendation:

SELL $1302

SL $1317

TP1 $1379 TP2 $1268

On the daily chart, bears managed to pull the pair below $1320.4-1321.6 an ounce. A break of the lower border of the uptrend channel will strengthen the risks of a pullback towards $1279 and $1268. On the other hand, recoil from support at $1302 will create grounds for consolidation in the $1300-1350 area.

XAU1.png 

On H1, XAU/USD has reached the targets of “Spike and reversal with acceleration”. Correction towards targets at 88.6% and 113% of the Shark pattern continues.

XAU2.png

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