Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
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.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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