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: the pair is inside the wedge
2019-11-11 • Updated
Recommendation:
BUY 1.1440 SL 1.1385 TP1 1.1540 TP2 1.1590 TP3 1.1690
On the daily chart of EUR/USD, there is a transformation of the "Shark" pattern into 5-0. As a part of this transformation, the "Triangle" and "Spike and Ledge" patterns were formed based on the 1-2-3 one. If EUR/USD moves out of the consolidation range between 1.2650 and 1.1440 ("ledge"), the middle-term forecasts for the pair can be given.
On H1, the pair reached the targets of the "Broadening Wedge" pattern. The pattern will be implemented completely if EUR/USD moves back to the resistance at 1.1440. The successful break of this resistance will increase the odds of the "Shark" and "Bat" patterns' implementation.
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