XAU/USD: gold is counterattacking
Read the article on FBS website
Recommendation:
BUY 1220
SL 1205
TP1 1250 TP2 1263 TP3 1287
On the daily chart, XAU/USD pulled back after reaching 113% target of the “Double top”. Bulls are trying to move gold towards 23.6%, 38.2%, and 50% of the wave CD.
On H1, bulls managed to trigger “Crab” pattern with the target at 161.8%. Buyers want to return gold to the previous consolidation range of 1205-1235. To trigger a “Shakeout-Fakeout”, gold has to pull back to its middle (1220).
