Currency analyst

Gold is trying to consolidate at the bottom

On the daily chart of gold, there was a breakout of the lower boundary of the rising trade channel. The target 200% of AB = CD pattern has been fullfilled. Breakout of the support line at $ 1,250  will activate the target 88.6% of the Bat pattern ($ 1220). In contrast, a rebound from the $ 1,250 will contribute to the recovery of gold price.

On the hourly chart of gold, the "Three Indians" pattern has been formed. Rebound of the quotes to a maximum at the point 2 will be a signal for opening long positions. There is a level of 23.6% of the last descending wave and the upper boundary of the descending trade channel.

Recommendation:  BUY 1269 SL 1250 TP1 1300 TP2 1311. 

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