Currency analyst

Gold: bears are not ready for attack

On the daily chart of gold, as it was expected, the bears once again tested the lower bound of the consolidation area at $1305-1365 per ounce. If the "bears" in the coming days fail to break through support at $ 1307 (the lower bound of the upward trading channel + the lower limit of the ledge in the "Spike and ledge" pattern), we may expect the next rebound.

On the hourly chart of gold, bears' failure to update the quotes at theit recent lows at $1313 will tell us about their weakness. Successful test of the correction maximum at 2, followed by the test of the resistance line at $1320 will increase the risks of activation of the  AB = CD and "Shark" patterns with targets at $1330 and $1339.

Recommendation: BUY 1320 SL 1314,5 TP1 1330 TP2 1339.


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