
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.
2019-11-11 • Updated
Recommendations:
BUY 111.45 SL 110.90 TP1 112.45 TP2 112.85 TP3 112.95
SELL 110.15 SL 110.7 TP1 109.15 TP2 108.15 TP3 107.15
On the daily chart, bears are trying to keep USD/JPY inside the long-term downtrend channel. If they succeed, the odds of the pair going to 88.6% and 161.8% targets of the “Bat” and AB=CD will increase.
On H1, a break of resistance at 111.45 will allow buyers to counting on formation of the junior “Crab” and “Wolfe waves”. On the other hand, a decline below support at 110.15 will open the way down to 161.8% target of the senior “Crab”.
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.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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