It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
XAU/USD: bears got out
2019-11-11 • Updated
TP1 $1237 TP2 $1212
On the daily chart, a break of XAU/USD below the lower border of a $1266-1288 consolidation range allowed bears to get out. The target of 78.6% of the Gartley pattern is almost reached. The next one is 200% target of AB=CD. As long as gold is below 1266, sellers retain control of the market.
On H1, the exit outside of the descending trend channel with the following test of resistance at $1252 creates grounds for a pullback. It should be used for forming short positions.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
Last week was truly unforgettable, filled with geopolitical tensions and changes of market sentiment. Russian ruble lost 40% against dollar amid sanctions from EU and US. Brent oil soared to almost $120 a barrel, a 10-year high for the commodity. Chinese stocks are near the covid crash levels. Let’s dive into the market together!