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

XAUUSD market technical outlook

Daily chart:

Bearish inside bar was formed by the end of yesterday’s session. It could be a strong short-signal if upswing was fully completed. However such swing in the structure is absent so far meaning there is a high probability of yesterday’s high renewal (1577.88). Once it’s accomplished, the swing will be completed and bears will get the chance to regain control (see the black trajectory). If bulls keep the pressure, gold might recover to 1590.00-1600.00 (blue arrow).

H1-chart:

Local structure of the market is a bit chaotic. Current phase is descending and it’s potentially limited by support at 1551.25, where we can again consider long trades reckoning on movement toward 1557.88. Resistance 1557.88, as we see, is quite strong, therefore further bearish scenario looks preferable (see the black trajectory). 

Conclusions:

So, we expect decline to 1551.25, then growth to 1558.00 and new downward reversal to 1555.00.

Trading recommendations:

  1. Longs from 1551.25 to 1558.00.

  2. Shorts from 1558.00 to 1555.00.

Latest news

DEPOSIT BONUS 200%: PROLONGED TILL 04 JANUARY 2021!

2020-12-04 08:57:41

Only from November 02nd, 2020, to January 04th, 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 […]

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 […]