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 is about to choose direction
2019-11-11 • Updated
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.
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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