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

XAUUSD market technical outlook

Daily chart:

Gold market structure has explicit signs of contracting consolidation: we see recent lower highs and higher lows. It’s not a clear flat when market has no direction, but it more resembles accumulation of volumes before probable impulse distribution.

Trading range is limited by two last local extremums: 1490.32-1516.23.

H1-chart:

Right now strong local pivot 1502.62 is being tested, which can reject the quotes to the 1496.88 level during today’s session. Market doesn’t have steady upward structure so far, but might get it if bulls manage to overcome the 1502.62 barrier, that probably would drive to recovery of the asset towards 1510.00-1516.23.

Conclusions:

Main scenario: Upward break to the 1510.00-1516.23 area.

Alternative scenario: Downward pullback from 1502.62 to 1496.88, after that growth towards 1516.23 will be resumed.

Trading recommendations:

  1. Longs in direction 1516.23.

  2. Shorts from 1516.23.

Latest news

Deposit Bonus 200%

2021-04-13 10:05:09

Only from April 12, 2021, to May 14, 2021, 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 […]

Reduced spreads for popular pairs

2021-02-11 15:07:39

FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications