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.
EUR/USD: euro is choosing a way
2019-11-11 • Updated
Recommendation:
BUY 1.1720 SL 1.1665 TP1 1.1780 TP2 1.1910 TP3 1.2070
SELL 1.1665 SL 1.1720 TP1 1.1565 TP2 1.1535
On the daily chart of EUR/USD, bulls managed to lead the pair out of the downtrend channel. They want to trigger a “Crab” pattern with the target at 161.8% and a “Dragon”.
On H1 of EUR/USD, a successful test of resistance at 1.1720 will allow bulls to continue the rally towards 78.6% target of the Gartley pattern. On the other hand, a return to support levels at 1.1665 and 1.1650 will increase the risks of “Wolfe waves” and “Shark” reversal patterns.
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The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
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