Gold was unable to overcome stiff barrier at 1480.70-1483.73 having triggered forming of bearish pinbar at the tip of upswing. Thus we can expect development of corrective downswing in direction of the pivot-level 1458.63.
Reversal bearish pattern Over&Under was formed within local structure, which recommends to go short from the area of penultimate high (1481.37). Thus we can expect a pullback to this area (watch orange arrow) before drop of the quotes.
At the same time gold is declining right now and this swing may reach PPZ 1464.62-1466.12.
Main scenario: Decline to 1464.62-1466.12.
Alternative scenario: Upward reversal and growth in direction 1481.37, from where we might expect an intensive decline again.
Shorts to 1464.62-1466.12.
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 […]
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