The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
XAU/USD: gold can continue the rally
2019-11-11 • Updated
TP1 1.252 TP2 1263 TP3 1287
On the daily chart of XAU/USD, bears managed to pull the pair into consolidation. To continue the rally to the 161.8% target of the “Crab” pattern, gold needs to break the October high.
On H1, bears resume the pair within the 1218-1230 consolidation and hope for the implementation of the “Shakeout-Fakeout” pattern. At the same time, bulls hope for the rebound of the pair from the 88.6% target of the “Shark” pattern.
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