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 got hit hard
2019-11-11 • Updated
SELL 0.6800; TP 0.6760; TP 0.6815
NZD/USD slumped on Wednesday as the Reserve Bank of New Zealand said that downside risks to its outlook meant the next move in rates was now more likely to be a cut. The pair fell from the resistance line connecting December and February highs. It’s now testing levels below the 200- and 100-day MAs. It looks like the fall is still unfinished and the NZD may fall to the support line in the 0.6760 area. This line is connecting 3 lows on the price chart. Oscillators show that the pair is not yet oversold on the H4 chart.
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