XAU/USD: bears prepare a trap
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Recommendation:
SELL $1267
SL $1282
TP1 $1237 TP2 $1212
On the daily chart, XAU/USD is retesting the lower border of the previous consolidation range of $1264-1298 an ounce. To return inside it, bulls need to overcome resistance at $1264-1267. On the other hand, a pullback will create grounds for the current downtrend’s resumption towards 200% target of AB=CD.
On H1, XAU/USD keeps retracing the current downtrend in the direction of convergence area near $1267 an ounce. A pullback will create an opportunity for short positions.
