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 is scaring buyers
2019-11-11 • Updated
SELL 1,475; TP 1,455; SL 1,480
XAU/USD formed a lower high at 1,535 after rising to 1,557 at the beginning of September. Gold is currently testing levels below the 50-day MA at 1,494. This is a very worrying development for buyers. The decline below 1,480 will confirm a “Head and Shoulders” pattern and open the way down towards 1,450. The important thing is to wait for the confirmation: we will have to see a daily close below this level. If XAU/USD stays above 1,480, it may try to consolidate in the descending triangle. Recoveries above 1,500 will meet resistance at 1,510 and 1,530.
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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