What lies ahead for gold?
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
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.
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.
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Trade Idea: XAUUSD (Gold) Breakdown - 15-12-22
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone.
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