XAU/USD: bears got in a trap
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Recommendation:
BUY 1227
SL 1212
TP1 1242 TP2 1250 TP3 1273
On the daily chart, XAU/USD is correcting to the long-term uptrend. Bears are trying to form a “Shark” pattern with a target at 113% located at 1183. Gold may recover from this point.
On H1, XAU/USD formed a “Spike and ledge” on the basis of 1-2-3. If the break of the lower border of 1218-1235 is false, the price’s return to its middle will trigger the “Shakeout-Fakeout” pattern. The “Crab” pattern with a target at 161.8% will help bulls.
