XAU/USD: gold is afraid of the wedge
Read the article on FBS website
Recommendation:
SELL 1190
SL 1205
TP1 1171 TP2 1166 TP3 1125
On the daily chart, XAU/USD bulls are still hoping to form a “Crab” with a 161.8% target. To begin with, they need to conquer 1209 (23.8% of the bearish wave). Bears, on the other hand, are eager to pull the price below the suppot at 1185 and make another step towards triggering AB=CD с таргетом на 161.8%.
On H1, XAU/USD is forming a “Broadening wedge”. If gold renews September low near 1190, a further decline will follow.
