XAU/USD: bears are armed with a wedge
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Recommendations:
SELL 1290 SL 1305 TP1 1272 TP2 1244
BUY 1300 SL 1285 TP1 1324 TP2 1333 TP3 1349
On the daily chart, XAU/USD formed a “Broadening wedge”. To continue the decline towards 50% and 61.8% of the last long-term bullish wave, the pair has to renew June low.
On H1, XAU/USD formed a “Spike and ledge” on the basis of 1-2-3. A pullback from the upper border of the 1290-1307 consolidation range will be a signal for selling. On the other hand, a break to the middle of the ledge will trigger a bullish “Shakeout-Fakeout”.
