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: bulls are out of their cage
2019-11-11 • Updated
Recommendation:
BUY 0.7425
SL 0.7370
TP1 0.7525 TP2 0.7600 TP3 0.7640
On the daily chart of AUD/USD, bulls managed to counterattack and trigger the “Shark” pattern. If they manage to settle above 0.7450, the odds of the rally’s continuation towards the upper border of the downtrend channel will increase. Its break will allow the Aussie to count on the advance to targets of “Wolfe waves” pattern.
On H1 of AUD/USD, there’s a “Broadening wedge” pattern. Pullbacks to 23.6%, 38.2% and 50% of the wave 4-5 are usually used for long positions.
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