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!
XAU/USD: Indians will show way for gold
2019-11-11 • Updated
Recommendation: SELL $1280 SL $1296 TP $1264 TP2 $1250
On the daily chart, XAU/USD managed to return inside the bullish medium-term uptrend channel. Successful test of resistance at $1297 will trigger AB=CD pattern. Its 200% is near $1385. On the other hand, failure will allow bears to seize the initiative.
On H1, XAU/USD formed a reversal pattern: a combination of “Three Indians” and 1-2-3. A break below correction low at the point 2 will signal the start of corrective move. There’s also diagonal resistance at 23.6% of the last bullish wave.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
Last week was truly unforgettable, filled with geopolitical tensions and changes of market sentiment. Russian ruble lost 40% against dollar amid sanctions from EU and US. Brent oil soared to almost $120 a barrel, a 10-year high for the commodity. Chinese stocks are near the covid crash levels. Let’s dive into the market together!
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