XAU/USD: gold bets on the double bottom

XAU/USD: gold bets on the double bottom

Recommendations:

BUY 1,245

SL 1,230

TP1 1,267 TP2 1,286 TP3 1,301

On the daily chart of XAU/USD, bears have tried to implement the “Shark” pattern with 88.6% and 113% targets twice. The failure of bears will let the pair reach targets of the “Double bottom” pattern and will create opportunities for a bullish counterattack.

xauusd_d.png

On H1, a forming of “Three Indians” and “Broadening wedge” patterns within the convergence (88.6% and 113% targets of the “Shark” pattern) increases risks of the bearish trend’s reversal. To pull the pair up, bulls need to break the resistance at 1,245.

xauusd_60.png

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