Gold is about to choose direction

Gold is about to choose direction

2019-11-11 • Updated

Trade ideas

SELL at 1233; TP1 1229; TP2 1224; SL 1235

BUY at 1245; TP 1250; SL 1243

The price reached the target of the buy trade we recommended on Monday, and now it’s time to reevaluate the situation.

Gold seems once again intimidated by the resistance of 200-week MA (1233.70) and 38.2% Fibo (1238.50). A break above October high at 1243.35 is needed to bring the precious metal to the declining 200-day MA at 1251. On the other hand, a decline below yesterday’s low at 1233 will open the way down.

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Looking ahead, highlights from macroeconomic calendar include EZ Sentiment Index and Fed’s Evans speech who is a Fed non-voter. Rise in US-China tensions (WeChat specifically) sends US dollar higher.

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