XAU/USD: gold is making a wedge

XAU/USD: gold is making a wedge

Recommendation:

SELL 1282

SL 1297

TP1 1252 TP2 1244 TP3 1215

On the daily chart, XAU/USD keeps forming a “Broadening wedge”. The inability of bulls to overcome resistance at 23.6% of the wave 4-5 and lead the pair out of the descending trade channel points at their weakness. If gold renews May low, it will continue moving down to 88.6% target of the “Double top”.

Gold1.png 

On H1 of XAU/USD, a break of support at 1282 will trigger AB=CD pattern and increase the risks of a decline to its 200% target.

XAU2.png

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