Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
XAU/USD: gold was captured by bulls
2019-11-11 • Updated
TP1 1372 TP2 1390 TP3 1400
On the daily chart of XAU/USD, a recoil from support at 1320 allowed bulls to counterattack. In case of a successful test of resistance near 1342, the odds of advance to 113% and 127.2% targets of the “Shark” and AB=CD will increase.
On H1, if XAU/USD gets out of the descending triangle and rises above resistance at 1347 and 1357 will allow bulls to count on the continuation of the advance to 161.8% target of the “Crab” pattern.
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Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
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