XAU/USD is trying to make a top
Trade idea
SELL 1,273; TP 1,260; SL 1,276
XAU/USD has been consolidating within the narrowing wedge since 2016. It seems like the price is trying to form a top in the upper part of this range and turn lower. The bearish candlestick on W1 with a very long upside wick is a negative sign. A decline below the support at 1,276 (38.2% Fibo of the 2018-2019 advance) will bring the price down to 1,260 (50-week MA) and 1,253 (50% Fibo). The picture will remain bearish as long as gold is trading below 1,302.
![XAUSUD 16.png](/storage/uploads/images/1555399585-7bf85f409752a8ec773be4893e59b1f9.png)