XAU/USD: gold approached a critical line

XAU/USD: gold approached a critical line

Recommendation:

SELL $1323

SL $1338

TP1 $1305 TP2 $1282 TP3 $1272

On the daily chart, the inability of the bulls to settle above 161.8% target of AB=CD points at their weakness. A break of support at $1320,4-1321,6 will strengthen the risks of correction to at least the lower border of the uptrend channel.

XAU1.png 

On H1, further dynamics of the pair will depend on the test of support at $1323. Success will allow bears to develop a move towards 88.6% and 113% targets of the “Shark” pattern. Failure will create grounds for the uptrend resumption.

XAU2.png

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