Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
XAU/USD: gold is looking for a bottom
2019-11-11 • Updated
Recommendation: BUY 1246 SL 1231 TP1 1261 TP2 1280 TP3 1300
On the daily chart of XAU/USD, the short-term downtrend continues in line with the formation of a “Double top”, AB=CD and a “Widening wedge”. Bears aim at 1231 and 1218 (261.8% and 113% targets of AB=CD and the “Shark”). Bulls are counting on the counterattack from 1229-1232.
On H1 of XAU/USD, there’s a formation of a “Spike and reversal with acceleration”. A break of a trendline will increase the risks of a pullback to the upper border of the downtrend channel.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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