
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:
SELL 1326 SL 1339 TP1 1296 TP2 1272 TP3 1244
SELL 1333 SL 1346 TP1 1302 TP2 1272 TP3 1244
SELL 1340 SL 1353 TP1 1310 TP2 1302 TP3 1272
On the daily chart, XAU/USD keeps consolidating in the 1302-1360 range. Another test of its lower border ended the formation of the “Widening wedge” pattern. Pullbacks towards 23.6%, 38.2% and 50% of the wave 4-5 are usually used for selling.
On H1, a “Shark” pattern is transforming into 5-0. Corrections to 1326, 1333 and 1340 may be used for selling.
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.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone.
Last week, Pierre-Olivier Gourinchas, the IMF's chief economist, commented on the IMF's global economic outlook stating clearly that the worst was yet to come. For many people, he opined that the year 2023 would feel like a recession.
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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