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: bulls are counterattacking
2019-11-11 • Updated
TP1 0.7335 TP2 0.7395 TP3 0.7475
On the daily chart of NZD/USD, the third attempt of bears to conquer an important support at 0.7185 failed. It points at the weakness of sellers. The necessary conditions for uptrend’s resumption are a successful test of resistance at 0.7265 and the pair’s exit from the short-term descending channel.
On H1, a break of resistance at 0.7280 will increase the risks of “Head and shoulders” and “Shark” patterns. Target at 88.6% of the latter is near 0.7335.
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