What lies ahead for gold?
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
AUD/USD: bears regain their strength
2019-11-11 • Updated
On the AUD/USD daily chart, bears try to return quotes to the borders of the downward channel. If they succeed, the risks for the restoration of the downward trading channel will increase. In contrast, the rebound from the diagonal support may result in the development of consolidation.
On the AUD/USD hourly chart, there is a struggle for an important level of 0.7425. If bears wrestle the bulls down, the Australian dollar will move lower towards 0.7365 (target 161.8% in the "Crab" pattern). The Bulls' win may result in the return of quotes to the resistance at 0.774.
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