flag-gb flag-my flag-zh flag-id flag-th flag-vi


Gold spent the entire last trading week in a fairly narrow price range located near the March lows.

The US dollar is still holding back the gold, and retains its leading position in the foreign exchange market. The situation on the stock markets, is being dominated by positive sentiment due to good news on the course of trade negotiations between the US and China. The parties are very close to signing a bilateral agreement, which can be a good driver for boosting international trade and restoring the growth of the global economy.

On Friday, the focus of investors was on data on the US labor market, which generally came out at the level of market expectations, supporting the US currency.

Today, the market situation has changed somewhat, while the dollar index is trading at a 0.1% decline, supporting gold prices, which have risen by 0.35% since the beginning of the day and continue to move towards the highs of the past trading week.

On Monday, there will be very few important macroeconomic data on the market (only the data on industrial orders for February in the USA can be distinguished), therefore geopolitics news and the situation on stock exchanges will have a major impact on trading. New trading week the stock indexes began with a slight decline, increasing support for gold, but in the middle of the day the situation may change significantly, since the general background on the stock market remains positive. In the US, this week starts the season of corporate reporting, which can provide serious support to major stock indexes. Under these conditions, the prospects for recovery in gold prices will remain very limited.

On the chart, the range continues, the boundaries of which can be designated by levels 1283.50-1300.00. As a part of the noted price channel, a local bullish wave is now developing, the target for which is the level of 1300.00. This is a fairly strong intermediate resistance level, so we should expect the formation of a reversal movement and a decrease in quotations to 1283.50. You can count on the continuation of the bullish movement only after the price is fixed above 1300.00.

 Resistance Levels: 1300.00, 1310.00, 1325.00;

 Support levels: 1291.50, 1283.50, 1276.50.

The main scenario - growth to 1300.00 and the resumption of the downward movement.

An alternative scenario - consolidation above 1300.00 and growth to 1310.00.

The overall fundamental background for gold remains negative. At the same time, the quotes on the chart approach a rather strong intermediate resistance level. Therefore, preference is given to shorts that are worth looking for at the level of 1300.00

Latest news

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! 🏆 Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts 📍 How to get the bonus: 1) Register an […]

Deposit Bonus 200%

2020-11-03 08:45:33

Only from November 02nd to December 04th, 2020, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of 200%? […]