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.
What are the scenarios for gold?
2019-11-11 • Updated
Recommendations:
BUY 1209 SL 1194 TP1 1239 TP2 1263 TP3 1285
SELL 1188 SL 1203 TP1 1160 TP2 1151 TP3 1125
On the daily chart, XAU/USD is consolidating in the 1185-1210 range. A break of its upper border will trigger a “Crab” with a 161.8% target. On the other hand, a successful test of support at 1185 will open the way down to 161.8% target of AB=CD.
On H1, XAU/USD keeps forming a “Broadening wedge”. To trigger it, gold should decline below support at 1188. On the other hand, a break of resistance at 1208.5 will increase the odds of the rally’s continuation.
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