GOLD: 'Shooting Star' at the 'Window'
It's likely to have a local downward correction towards the support by the last 'Evening Star'. The subsequent pullback from this level...
XAU/USD: gold rose too high
Recommendation:
SELL $1328
SL $1343
TP $1306 TP2 $1272 TP3 $1244
On the daily chart of XAU/USD, bulls managed to defend support at $1324-1328 an ounce. If bears succeed in another attempt to pulls the prices below this level, the risks of a pullback to $1306 and lower will increase. To continue rally towards 127.2% target of AB=CD, gold would need to rise above January high.
On H1, a break of the upper border of an uptrend will increase the odds of the pair going to 88.6% target of the “Shark” pattern. A pullback, on the other hand, will create grounds for the formation of the “Head and Shoulders”.
Ivan Karamazov
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