To follow up with our update for XAUUSD yesterday on 05/11/2019
we have today following trading strategies for XAUUSD:
The very important price handle at $1,488.40 USD/ounce has been broken down yesterday during the US trading session, so that the E leg is now forming clearly. We expect for a further upswing for XAUUSD to the price levels at:
- 1,488.40 (23.6% fibs)
- 1,493.40 (38.2% fibs)
- 1,497.xx (50.0% fibs) or 1,501.xx (61.8% fibs)
Anyway we see that the current up momentum seems to be lost with the mood to push gold up, and in case it is remain with the current 23.6% fibs upswing only, then the market indicates a weak sentiment for the bull.
For the down side, there are some further lower levels at:
- 1.470.xx (123.6% fibs ext.)
- 1,465.64 (138.2% fibs ext.)
- 1,461.xx (150.0% fibs extt.) or 1,457.xx(161.8% fibs ext.)
So keep watching the current lows at 1,479.xx level, if it is being broken down again, take that as resistance level to give further shorts for XAUUSD.
Take your look at the depicted chart below for more references: