XAU/USD: gold rebounded from the bottom

XAU/USD: gold rebounded from the bottom

Recommendation:

BUY 1266

SL 1251

TP1 1288 TP2 1301 TP3 1316

On the daily chart, XAU/USD pulled back after reaching 224% and 88.6% targets of AB=CD and “Double top”. To continue the rally towards the lower border of the uptrend channel, bulls need to conquer resistance at 1268.

XAUUSD1.png 

On H1, a break of resistance at 1266-1268 will open the way up to the upper border of the downtrend channel and 88.6% target of the “Shark” at 1301.

XAUUSD2.png

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