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 counterattacking
2019-11-11 • Updated
TP1 1250 TP2 1263 TP3 1287
On the daily chart, XAU/USD pulled back after reaching 113% target of the “Double top”. Bulls are trying to move gold towards 23.6%, 38.2%, and 50% of the wave CD.
On H1, bulls managed to trigger “Crab” pattern with the target at 161.8%. Buyers want to return gold to the previous consolidation range of 1205-1235. To trigger a “Shakeout-Fakeout”, gold has to pull back to its middle (1220).
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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