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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