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 is counting on AB=CD
2019-11-11 • Updated
TP1 0.6785 TP2 0.6815 TP3 0.691
On the daily chart, NZD/USD failed at the first test of the lower border of the 0.6710-0.685 consolidating range and the upper border of the downtrend channel. Never the less, bulls are still hoping to return the pair to the middle of the precious ledge and trigger “Shakeout-Fakeout” pattern.
On H1, to continue the rally NZD/USD has to trigger AB=CD pattern with a target at 200%. At the same time, the pair will keep forming the “Shark” pattern with a target at 88.6%.
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