XAU/USD: bulls counterattacked

XAU/USD: bulls counterattacked

Recommendation:

SELL $1277 SL $1292 TP $1247

On the daily chart, XAU/USD bulls managed to get to an important support at $1267 an ounce and let the pair outside of the short-term descending channel. The pair’s currently getting ready to conquer resistance at $1289. Success in this will open the way to $1302 and $1317. Failure will return the initiative to the bears.

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On H1, after reaching 200% target of AB=CD XAU/USD pulled back. To resume active selling, bears need to return the pair inside the downtrend channel.

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USD/CHF reached 0.9630 (50% of the medium-term rising wave), although the diagonal resistance in form of the upper border of the downtrend channel is a more serious obstacle.

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Latest news

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The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

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