XAU/USD: gold is lying on the shelf

XAU/USD: gold is lying on the shelf

Recommendation:

BUY 1235

SL 1220

TP 1250 TP2 1270 TP3 1289

On the daily chart, after XAU/USD had reached 88.6% target of the “Shark” pattern there was a natural pullback. Bears are counting on the decline to the 113% target. For that, they have to pull the price below July low.

XAUUSD1.png 

On H1, there’s a “Spike and ledge” pattern on the basis of 1-2-3. A break of the upper border of the 1218-1235 consolidation range will trigger a butterfly pattern with a target at 127.2%. On the other hand, a successful test of 1218 will open the way to the 127.2% target of AB=CD.

XAUUSD2.png

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