XAU/USD: gold returned to the game

XAU/USD: gold returned to the game


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.


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




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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