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 fended off an attack
2019-11-11 • Updated
TP $1237 TP2 $1212
On the daily chart, the first attempt to test support at $1264-1267 an ounce was a failure. Bears want to repeat their attack. Their success will increase the odds of the pair reaching 78.6% and 200% targets of Gartley pattern and AB=CD.
On H1, to resume the downtrend XAU/USD needs to make another test of support at 88.6% of the last descending wave. If bulls manage to keep gold above the upper border of the downtrend channel, the possibility of reaching 88.6% target of the "Shark” pattern will increase.
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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