XAU/USD: gold made a pullback

XAU/USD: gold made a pullback

Recommendations:

BUY $1324 SL $1309 TP1 $1354 TP2 $1374 TP3 $1394

SELL $1302 SL $1317 TP1 $1267 TP2 $1240

On the daily chart, XAU/USD has reached the targets of “Three Indians” pattern. As long as gold is trading above support at $1302-1306 an ounce, bulls remain in control. It would be wise to use a pullback from these levels to buy with targets at 127.2% of the AB=CD pattern. On the other hand, the metal’s decline below the key support will increase the risks of the reversal “Widening wedge”.

Gold1.png 

On H1, XAU/USD formed a “Head and Shoulders” pattern.

Gold2.png

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