XAU/USD: gold votes for consolidation

XAU/USD: gold votes for consolidation

Recommendations:

BUY 1302

SL 1287

TP1 1.332 TP2 1340 TP3 1365

On the daily chart of XAU/USD, there is consolidation in the range of 1302-1340 within the “Spike and ledge” pattern on the base of 1-2-3. A break of the bottom line will increase risks of decline to the 88.6% target of the “Bat” pattern. Vice versa, a successful hit of the resistance at 1340 may lead to a recovery of the uptrend.

xauusd_d.png

On H1, a realization of “Head and shoulders” and AB=CD patterns is continuing. If the pair reaches the 161.8% target of the AB=CD pattern, reversal risks will increase.

xauusd_60.png

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