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 can make a pause
2019-11-11 • Updated
SELL 1278; TP 1270; SL 1282
XAU/USD has significantly advanced during the last 5 months. The upside targets haven’t been fully reached yet. However, the pair’s close last week wasn’t very convincing: a candlestick on W1 resembles a shooting star ahead of the key resistance of 1300. Plus gold is at the upper Bollinger band and 50-week MA went below 100-week MA, while the 200-week MA hasn’t started to bend upwards yet. All of this shows that sellers can have a temporary reprieve.
On H4, the price is consolidating in a triangle at the 61.8% Fibo level. A break of its lower border will open the way down to 1270 (100-week MA). On the upside, bulls need XAU/USD to return above 1292.
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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