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: 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.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone.
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