As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
Gold faces some pressure
2019-11-11 • Updated
SELL 1239.80; TP1 1237.90; TP2 1233; SL 1242
BUY 1246; TP1 1250; SL 1244
Gold is correcting down after its previous advance. The metal is now trading below October high at 1243.35.
It looks like the correction may take XAU/USD down to the 200-week MA at 1233. A decline below 1238 will open the way down to this level.
An advance above 1245.60 is necessary to open the way up to the recent high at 1250 and the 200-day MA at 1254.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone.
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