XAU/USD: bulls got carried away with their attack

XAU/USD: bulls got carried away with their attack

Recommendation:

BUY $1323 SL $1308 TP1 $1353 TP2 $1380

SELL $1314 SL $1329 TP $1284 TP2 $1266 TP3 $1237

On the daily chart, bulls managed to return XAU/USD to the uptrend channel. After that the pair formed a “Shakeout-Fakeout” pattern. This increases the risks of the bullish trend’s resumption. To begin with, buyers need to conquer resistance at $1321 an ounce. Their inability to do it will point at their weakness.

XAU1.png 

On H1, XAU/USD formed a “Spike and ledge” on the base of 1-2-3.

XAU2.png

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