XAU/USD: will bulls return to the game?

XAU/USD: will bulls return to the game?

Recommendation:

BUY 1332

SL 1317

TP1 1362 TP2 1385 TP3 1400

On the daily chart of XAU/USD, bulls are trying to keep the pair inside the uptrend channel and don’t lose hope for reaching 127.2% and 161.8% targets of AB=CD. On the other hand, a break below $1302 will increase the risk of correction to 88.6% of the “Bat” pattern.

Gold1.png 

On H1, the “Shark” pattern is transforming into 5-0. A successful test of resistance at 1331-1332 will allow bulls to make another step towards the uptrend’s resumption.

Gold2.png

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