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!
XAU/USD is testing support
2019-11-11 • Updated
SELL 1316; TP 1309; SL 1319
BUY 1322; TP 1326; SL 1320
XAU/USD formed a pin bar on W1 — such candlestick usually marks a reversal to the downside. On H4, the price has already formed a lower high and is testing support line from November in the 1318 area. The decline below this support will confirm a “Double top” and send gold towards 1309 (200-period MA).
The return above 1321 is needed to open the way back up to 1326 and 1330.
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!
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Next week, we expect the BOC rate statement, the OPEC+ meeting, and the Nonfarm payrolls release. Let's look at the opportunities in detail!
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