XAU/USD: bulls are trying to break obstacles

XAU/USD: bulls are trying to break obstacles

Recommendations:

BUY 1365

SL 1350

TP1 1395 TP2 1420

On the daily chart of XAU/USD, the pair reached the upper boundary of the 1310-1360 consolidation for the third time since the end of February. The pair could not break the upper boundary both previous times, but bulls still hope to break it. If bulls manage to break the resistance at 1360-1365, the pair will move to the 127.2% target of the “AB=CD” pattern.

xauusd_d.png

On H1, bulls prevail as long as the pair is above 1321 (the “Broadening wedge” pattern is not implemented). If the pair reaches the April high, odds of the rise to the 161.8% target of the “Crab” pattern will increase.

xauusd_60.png

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