What lies ahead for gold?
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
XAU/USD: let’s buy gold
2019-11-11 • Updated
Recommendation:
BUY 1218
SL 1203
TP1 1245 TP2 1263 TP3 1287
On the daily chart of XAU/USD, the pair left the downward channel and reached targets of the “Spike and ledge” pattern. It increased chances that the pair will reach the 161.8% target of the “Crab” pattern. However, at first, bulls need to break the resistance at 1239-1245.
On H1, the pair reached targets of the “Broadening wedge” pattern. A break of the resistance at 88.6% of the 4-5 wave let the pair to rise further. Up to now, there is a formation of the “head” within the “Dragon” pattern. A pullback to the 88.6% target of the “Bat” pattern should be used to buy.
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