Fed Chair Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in the US500 index since June. Most risky assets experienced severe drawdowns, and EURUSD returned to the above-parity area. We explain everything you need to know about the Symposium in this article.
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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