
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
2019-11-11 • Updated
On the daily chart of gold, the bulls failed to settle down above the important resistance level of $1,287 per ounce. There might be a pullback towards $1,260 and $1,250. To restore the uptrend, buyers need to update the April high. If they succeed the target 200% in the AB=CD pattern will be fulfilled.
On the hourly chart of gold, the expanding wedge pattern has been formed. The correction towards 38.2%, 50% and 61.8% from the wave 4-5 can be used for the formation of short positions. But we should bear in mind, that there are positions of large buyers near $1,250.
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
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The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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