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XAU/USD: gold was captured by bulls

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Recommendation:

BUY $1327

SL $1312

TP $1357 TP2 $1395

On the daily chart, XAU/USD is under control of bulls, at least until the pair’s trading above $1306 an ounce. A break of this level will increase the risks of the reversal “Widening wedge” pattern.

Gold.png 

On H1, XAU/USD is forming “Spike with reversal and acceleration”. Breaks of support at $1333 and $1327 an ounce will create grounds for the development of correction. On the other hand, rebound from this level will allow the bulls to count on the uptrend’s resumption.

Gold1.png

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