Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
XAU/USD: the gold can rise
2019-11-11 • Updated
Recommendation: BUY 1229 SL 1214 TP1 1263 TP2 1287 TP3 1309
On a daily chart of XAU/USD, the upper border of the downward channel remains the resistance for the pair. If bulls manage to break it and test the resistance at 1229, XAU/USD will rise at least towards the 127.2% target of the AB=CD pattern. If bulls’ attempt is unsuccessful, bears will take over.
On H1, the “Wolfe Waves” and “Shark” patterns are implemented. The pair needs to break the resistance at 1229 to continue moving towards the 88.6% target of the “Shark” pattern and higher.
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Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
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