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.
Check the XAU/USD chart
2019-11-11 • Updated
SELL at 1219.75; TP1 1217.15; TP2 1213.40; SL1223.
Gold formed a candlestick with a longer upper shadow on D1. Daily Stochastic and MACD are going down. These are minor bearish signs that may lead to a short-term decline. The precious metal can return to the support of the daily moving averages in the 1215 area.
On H4, XAU/USD is probing down support of the MAs. If this support breaks, the targets will switch to 38.2% and 50% Fibo retracement levels of the Nov. 13-21 advance.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone.
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