XAUUSD update on 08/11/2019

XAUUSD update on 08/11/2019

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Technical analysis

 

To follow up with our TA on 06/11/2018

XAUUSD update on 06/11/2019

following trading levels for Gold today are to consider to trade. The yesterday sharp down move brought gold to a lower level at $1,460.639 USD/ounce, but it is still a bit higher than the lows on 01/10/2019 at $1,459.170 USD/ounce. Technically for the current down move is to finish the (E ) leg in its current ABCDE pattern, and in its minor degree the C leg in minor degree should be ended at around $1,458.00 USD/ounce, so that in ratio a C=A is perfectly formed. Anyway we have to keep watching the current price actions to confirm, whether the next lows at $1,458.00 USD/ounce should be reached, for it is not necessary to be exact, for the pattern is yet formed already.



Take your look at the H8 depicted chart:

Trading strategy for XAUUSD today is looking for short at the resistance levels:

R1: 1,472.44

R2: 1475.xx

R3:1481.xx

 

end target for today is at $1,458.00 USD/ounce 



Take your look at the M20 depicted chart:

 

 


Trade well!

Tradingscenes team