XAU/USD: gold is afraid of the wedge

XAU/USD: gold is afraid of the wedge


SELL 1190

SL 1205

TP1 1171 TP2 1166 TP3 1125

On the daily chart, XAU/USD bulls are still hoping to form a “Crab” with a 161.8% target. To begin with, they need to conquer 1209 (23.8% of the bearish wave). Bears, on the other hand, are eager to pull the price below the suppot at 1185 and make another step towards triggering AB=CD с таргетом на 161.8%.

XAUUSD Daily.png 

On H1, XAU/USD is forming a “Broadening wedge”. If gold renews September low near 1190, a further decline will follow.



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