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 made a trap from wedges
2019-11-11 • Updated
TP1 1332 TP2 1352 TP3 1362
On the daily chart of XAU/USD, a break of the lower border of the downtrend channel will increase the risks of a “Broadening wedge” formation and trigger the “Shark” pattern. Its 113% target allows distinguishing an important support level near 1302.
On H1, XAU/USD may trigger the junior and the senior “Broadening wedge” patterns. As a result, the risks of correction increase. On the other hand, a pullback from support near the 113% target of the “Shark” will allow the bulls to counterattack.
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