XAU/USD: gold retreats, but doesn’t give up

XAU/USD: gold retreats, but doesn’t give up

2019-11-11 • Updated

Recommendations:

BUY $1320 SL $1305 TP1 $1350 TP2 $1365 TP3 $1400

BUY $1300 SL $1285 TP1 $1330 TP2 $1350 TP3 $1365

On the daily chart, XAU/USD bulls didn’t manage to overcome significant resistance at $1360-1365 an ounce. As a result, the risks of correction and triggering of the “Bat” pattern increased. At the same time, the trend remains bullish, so pullbacks from diagonal support may be used for buying.

Gold1.png  

On H1 of XAU/USD, the “Shark” pattern is being triggered. Its 88.6% corresponds to the level of $1,323 an ounce. It is in the $1320-1323 convergence area.

Gold2.png

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