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.
XAU/USD: bulls are counterattacking
2019-11-11 • Updated
BUY $1328 SL $1313 TP2 $1346 TP2 $1358
SELL $1302 SL $1317 TP1 $1272 TP2 $1245
On the daily chart of XAU/USD, bulls to continue the rally to 127.2% and 1.618% of the senior and junior AB=CD need to overcome resistance at $1,340 and $1,360 an ounce. On the other hand, another test of support at $1,302 in case of success will lead gold to 88.6% target of the “Shark” pattern.
On H1, a break of resistance at $1,328 will open the way to 113% and 88.6% targets of the “Shark”.
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.
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