XAUUSD update on 13/11/2019

XAUUSD update on 13/11/2019

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Technical analysis

XAUUSD in a technical point of view is currently in an accumulating phase  after a sharp down move in its correction recently. The RSI and also Stochastic deliver us a positive divergence at H120 TF. The C leg in primary degree is also formed, so that the price action is just now expected to lead higher to break the $1,467.xx level, then from there we see a further up move momentum will be tanked to bring Gold to next higher level at around $1,49x.xx-$1,50x.xx again ( D leg in primary).


Trading strategy for XAUUSD is now looking for long with stop loss below the current lows at $1,444.20 USD/ounce. Price zones to buy at every support levels, which we see at:

  1. 1458.00
  2. 1456.00
  3. 1450.00

Take your look at the depicted chart below for more references:

 

Clear up momentum we will see but firstly above 1469.xx. From there the upward move to the Nord will be confirmed.

 






Trade well!

Tradingscenes team