What lies ahead for gold?
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: Gold has come to the Rubicon
2019-11-11 • Updated
Recommendations:
SELL 1282 SL 1297 TP1 1252 TP2 1244 TP3 1215
BUY 1308 SL 1293 TP1 1325 TP2 1335 TP2 1349
On the daily chart of XAU/USD, the 1,282-1,308 consolidation continues. A break of its upper boundary will increase odds of a correction to 50% and 61.8% of the 4-5 wave of the “Broadening wedge” pattern. Conversely, a break of the support at 1,282 will let bears pull the pair down.
On H1, if the “Broadening wedge” pattern is implemented, the pair will reach the 200% target of the AB=CD. Vice versa, if the “Crab” pattern is implemented, the pair will reach its 161.8% target.
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