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: more downside?
2019-11-11 • Updated
SELL 0.6950; TP 0.6905; SL 0.6970
AUD/USD has been declining since July 19. The most recent development was that it closed below the 50-day MA at 0.6958 and the line connecting June and July lows. This leads us to believe that the Aussie is capable of further downside. The price action may be in line with the harmonic “Shark” pattern - this still leaves the room for the decline to the 0.6910/0.6895 area before the bullish reversal takes place.
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