Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Gold: bulls are working hard
2019-11-11 • Updated
On the daily chart of gold, the bulls updated February high and tested the diagonal resistance in the form of the upper boundary of the downward trading channel. As a result, the AB = CD pattern was activated. Its targets are located near $1286 (127.2%), $1312 (161.8%), $1340 (200%) and $1357(224%) per ounce.
On the hourly chart of gold, quotes are moving within the upward trading channel. The bulls remain their control over the pair. In this situation, you might consider buying on the rollbacks to the support or on the formation of longs at the break of resistance.
BUY $1278 SL $1263 TP1 $1312 TP2 $1340,
BUY $1270 SL $1255 TP $1312.
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