Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
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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Gold prices bounced back on Wednesday, reaching $2,173.60 after briefly dipping to $2,150.00. Traders speculate that the US Federal Reserve (Fed) might reduce borrowing costs, but a recent report showing higher-than-expected inflation in the US could delay such actions. Despite signs of a cooling labor market, the US economy remains robust, with inflation
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
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During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...