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 wandering through channels
2019-11-11 • Updated
BUY $1344 SL $1329 TP $1374 TP2 $1390 TP3 $1410
SELL $1320 SL $1335 TP1 $1290 TP2 $1270
On the daily chart XAU/USD, a rebound from the bottom line of the uptrend channel allowed gold to hope for the bullish trend’s recovery again. Nevertheless, if a repeated test of the support at $1320 an ounce succeeds, risks of correction will increase.
On H1, there is a transformation of the “Shark” pattern in 5-0. A successful break of the support at $1329.5-1330.5 will activate a bearish trend. A necessary condition for the recovery of the bullish trend is the return of gold to the previous uptrend 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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