XAU/USD formed a “hammer” candlestick on the D1 ahead of the 100-day MA. The price made a higher low on the H4 and now only the resistance at $1 877 separates the precious metal from further gains.
XAU/USD: gold is attacking
2019-11-11 • Updated
TP1 1222 TP2 1264 TP3 1285
On the daily chart, after XAU/USD reached 88.6% of the “Double top”, there was a natural pullback. Buyers found strength to trigger the “Crab” pattern and aim to continue the advance to 161.8% target. For now, gold has to settle above support at 1209.
On H1, XAU/USD keeps trying to reach 161.8% and 200% targets of “Crab” and AB=CD. To enter a long position, use the “Three touches” strategy.
Looking ahead, highlights from macroeconomic calendar include EZ Sentiment Index and Fed’s Evans speech who is a Fed non-voter. Rise in US-China tensions (WeChat specifically) sends US dollar higher.
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
GBP/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
The USD is trading at its 7-week low, and it looks like it will continue falling further. Why?
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