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.
NZD/USD: bears won’t let the enemies closer
2019-11-11 • Updated
TP1 0.6825 TP2 0.6775 TP3 0.6710
On the daily chart, NZD/USD reached 161.8% target of AB=CD and then pulled back. As long as the pair is in the downtrend channel, bears keep the situation under control.
On H1, NZD/USD keeps forming a “Shark” pattern. Its 88.6% target corresponds to the previous consolidation area where shorts accumulate. When the pair gets to it, the risks of a pullback within the transformation of a “Shark” into 5-0 will increase.
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