XAU/USD: gold is at the edge of abyss

XAU/USD: gold is at the edge of abyss

2019-11-11 • Updated

Recommendation:

SELL 1302

SL 1317

TP1 1276 TP2 1244 TP3 1215

On the daily chart, XAU/USD is finishing a “Widening wedge”. After a pullback to 38.2% of the wave 4-5, bears returned the initiative and are ready to bring the pair outside of the medium-term consolidation range of 1302-1360.

Gold1.png  

On H1 of XAU/USD, the “Shark” pattern is transforming into 5-0. Pullbacks to 38.2% and 50% of the wave CD are usually used for selling. A break of support at 1302-1304 will trigger AB=CD pattern with a target at 200%.

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