XAU/USD: gold chose direction

XAU/USD: gold chose direction

Recommendation:

SELL $1266

SL $1281

TP1 $1237 TP2 $1212

On the daily chart, inability of bulls to conquer resistance at $1299-1302 an ounce with the following return of the price inside the $1266-1288 consolidation range points at buyers’ weakness. As a result, risks of the price reaching 78.6% and 200% targets of “Gartley” and AB=CD increased.

XAU1.png 

On H1, gold’s going outside of the short-term uptrend channel with the following retest of diagonal resistance confirms that bears are serious.

XAU2.png

Similar

What are the scenarios for gold?

On the daily chart, XAU/USD is consolidating in the 1185-1210 range. A break of its upper border will trigger a “Crab” with a 161.8% target.

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