Gold Short
Based on price action in the weekly chart and DXY possibly edging higher to 100, it might still take more time before gold recovers. Most likely it will continue to go sideways.
Entering sell stop order few pips below @1200 to continue riding bearish momentum of XAUUSD and take advantage of stronger dollar, with TP between @1180 - 1185, and SL near its recent high @1206.
Need to watch out for consolidation in dollar especially DXY is now in its new 2018 high. Also CPI news and Fed Powell speech tomorrow, and geopolitical risks that might suddenly arise for any developments about the upcoming Trump-Xi meeting later this month.
DXY:
kitco.com/news/2018-11-12/Gold-Analysts-Are-Watching-U-S-Dollar-Global-Macro-Data.html
cnbc.com/2018/11/13/gold-markets-dollar-stock-markets-in-focus.html
bigthink.com/surprising-science/extracting-gold-from-liquid-waste
investingnews.com/daily/resource-investing/precious-metals-investing/gold-investing/bill-murphy-gold-major-move-up/
Daily:
Weekly:
Confidence: B (because of upcoming news about USD, other geopolitical risks, and USD and Gold slowly getting a little overbought and oversold respectively)
Entering sell stop order few pips below @1200 to continue riding bearish momentum of XAUUSD and take advantage of stronger dollar, with TP between @1180 - 1185, and SL near its recent high @1206.
Need to watch out for consolidation in dollar especially DXY is now in its new 2018 high. Also CPI news and Fed Powell speech tomorrow, and geopolitical risks that might suddenly arise for any developments about the upcoming Trump-Xi meeting later this month.
DXY:
kitco.com/news/2018-11-12/Gold-Analysts-Are-Watching-U-S-Dollar-Global-Macro-Data.html
cnbc.com/2018/11/13/gold-markets-dollar-stock-markets-in-focus.html
bigthink.com/surprising-science/extracting-gold-from-liquid-waste
investingnews.com/daily/resource-investing/precious-metals-investing/gold-investing/bill-murphy-gold-major-move-up/
Daily:
Weekly:
Confidence: B (because of upcoming news about USD, other geopolitical risks, and USD and Gold slowly getting a little overbought and oversold respectively)
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