Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
XAU/USD: bears prepare a trap
2019-11-11 • Updated
TP1 $1237 TP2 $1212
On the daily chart, XAU/USD is retesting the lower border of the previous consolidation range of $1264-1298 an ounce. To return inside it, bulls need to overcome resistance at $1264-1267. On the other hand, a pullback will create grounds for the current downtrend’s resumption towards 200% target of AB=CD.
On H1, XAU/USD keeps retracing the current downtrend in the direction of convergence area near $1267 an ounce. A pullback will create an opportunity for short positions.
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!
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