What lies ahead for gold?
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.
USD/JPY: should we sell the pair?
2019-11-11 • Updated
Recommendation:
SELL 113.1
SL 113.65
TP1 112.1 TP2 111.6 TP2 110.2
On the daily chart of USD/JPY, bears failed to break below the bottom line of the upward channel within the implementation of the “Three Indians” pattern. If only they will break below 111.6, the pair will move to the 88.6% target of the “Shark” pattern.
On H1, bears couldn’t resume the pair to the previous 110.2-111.6 consolidation, it signaled their weakness. A rebound from the 88.6% target of the “Shark” pattern will let to form shorts.
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