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: the euro follows the “Shark”
2019-11-11 • Updated
TP1 1.1755 TP2 1.178 TP3 1.182
On the daily chart of EUR/USD, the downward triangle is forming. If bears break its bottom line, the AB=CD pattern with the 200% target will be implemented. Vice versa, if the pair goes out of the downward channel and breaks the resistance at 1.1755, it will increase chances of the bullish long-term trend’s recovery.
On H1, bears can’t pull the pair out of the upward channel, it signals their weakness. Bears try to play back "Wolfe waves" and "Sharks" patterns.
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