Last week, Pierre-Olivier Gourinchas, the IMF's chief economist, commented on the IMF's global economic outlook stating clearly that the worst was yet to come. For many people, he opined that the year 2023 would feel like a recession.
Gold: bulls are losing their control
2019-11-11 • Updated
On the daily chart of gold, the bulls failed to update the February high, and at the present time, there is a correction to the uptrend. The nearest support levels are located near the $1,236 and $1,229. The resistance is lying at $1,260. Until the quotes are still within the upward trading channel, the control over the bullion is still in buyers' hands.
On the hourly chart of gold, the "Shark" pattern was activated. Its 88.6% and 113% targets help us to identify the convergence zones. The technical outlook for the pair is still bullish, so the drop of quotes to $1,229 and $1,223 will allow us to open long positions.
BUY 1229 SL 1220 TP 1254,
BUY 1223 SL 1212 TP 1254.
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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
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances