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

XAUUSD market technical outlook

Daily chart:

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. 

H1-chart:

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.

Conclusions:

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.

Trading recommendations:

  1. Shorts to 1464.62-1466.12.

  2. Sell limit orders from 1481.37.

Latest news

New amazing MegaProtect Bonus!

2020-01-13 09:10:06

WHAT ARE THE BENEFITS OF MEGAPROTECT BONUS? +100% of the deposited amount! 100% protection during the drawdown Up to 5000 USD per one account Up to 15000 USD per one profile

Christmas Fairytale 2019

2019-12-02 07:35:32

FortFS wishes its clients happy upcoming holidays and announces the start of the annual promotion – Christmas Fairy Tale! From December 02, 2019 to January 10, 2020 you can participate in the promotion and get up to $15 for every 10 closed lots with a trading account balance starting from only 100 USD! How to […]