
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!
2019-11-11 • Updated
Trade idea
BUY 1,497 (or 1,501 for more conservative entries); TP 1,516; SL 1,494
Have a look at the chart of XAU/USD. Gold has recently formed a lower low that may be a part of a “Shark” pattern which is not complete yet. The move above 1,496 (200-period MA on H4) and the psychological level of 1,500 will strengthen this view. The “harami” on this timeframe speaks in favor of such a scenario. The upside target (point C of the pattern) should be around 1,517. The bigger bullish “Shark” pattern is also in line with this idea.
On the downside, the return below 1,489 (yesterday’s low) will open the way down to 1,483.
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!
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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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
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