Fed Chair Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in the US500 index since June. Most risky assets experienced severe drawdowns, and EURUSD returned to the above-parity area. We explain everything you need to know about the Symposium in this article.
What are the scenarios for gold?
2019-11-11 • Updated
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.
Despite a slight decline from its highest levels since 2002, around 109 range, it is just a correction, and the green king, the US dollar, will resume its rally…
China may respond to US House Speaker Nancy Pelosi's visit to Taiwan with military provocations, including firing missiles near Taiwan or large-scale air or naval activities…
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