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Currency analyst

Gold is laying on the "shelf"

On the daily char of goldt, "bulls" managed to keep the gold quotes above the key level at $1,250 as soon as AB = CD pattern had been realized. So, there could be a restoration of the upward trend. We might be dealing with the process of accumulation of long positions, therefore, we should keep an eye on the upper boundary of the consolidation.

 

On the hourly chart of gold, over the past two weeks the quotes are moving sideways within a narrow range of $1250-1267 per ounce. It corresponds to consolidation within the "Splash and ledge" inverted pattern based on the 1-2-3. Breakout of the "shelf" will allow us to form long positions.

Recommendation: BUY 1267 SL 1250 TP1 1300 TP2 1310.  

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