XAU/USD: gold returned to the game

XAU/USD: gold returned to the game

Recommendation:

SELL $1275

SL $1290

TP1 $1245 TP2 $1221

On the daily chart, XAU/USD pulled back after reaching 78.6% target of the “Gartley” pattern. Gold returned inside the previous consolidation range of $1266-1300 an ounce. As a result, the prices formed “Shakeout-Fakeout” pattern. This increases the risks of the rally’s continuation. Many things will depend on gold’s ability to settle above the important level of $1281.

 gold1.png

On H1, as long as XAU/USD is above support at $1275, bulls remain in control of the situation.

gold2.png

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