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: buy gold
2019-11-11 • Updated
TP1 1242 TP2 1263 TP3 1287
On the daily chart of XAU/USD, bears managed to pull the pair to targets of 1-2-3 and "Bat" patterns and return gold to the previous consolidation of 1185-1215. As a result, the "Shakeout-Fakeout" pattern was implemented and risks of the continuation of the downtrend increased. However, the 88.6% target of the "Bat" pattern may stop sellers.
On H1, the pair reached targets of "Three Indians" and 1-2-3 patterns after that the "Wolfe waves" pattern was implemented. A break of the resistance at 1212 is a bullish signal.
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