XAU/USD: gold is painting a wedge

XAU/USD: gold is painting a wedge

Recommendation: SELL $1267 SL $1281 TP1 $1237 TP2 $1212

On the daily chart, XAU/USD keeps fighting for an important level of $1281 an ounce. If the bulls manage to leave the descending trend channel and settle above it, gold will get chance to get to $1299 and $1321. On the other hand, bears’ victory will increase the odds of the pair getting to 78.6% and 200% of Gartley pattern and AB=CD.

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On H1, wait for formation of the wave 4-5 within the widening wedge. Decline below support at $1267 will signal downtrend’s resumption.

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