Currency analyst

Gold: bears want to leave the ledge

On the daily chart of XAU/USD the bears managed to bring the pair below the lower border of the short-term uptrend and pull it to support at $1313 an ounce. Successful test of the ledge's lower border ("Spike and ledge" pattern based on 1-2-3) will allow the pair to slide towards $1280 and lower.   

On H1 after the pair reached target of the triangle and settled below $1345, so that the bears got control. Targets of senior and junior AB=CD patterns allowed to spot convergence area of $1312-1316. Its successful test will make the pair resume descent, recoil will allow the pair to rise towards $1332,5.

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