Fort Financial Services Ltd acts under international brokerage license and appears as best ECN Forex Broker in Asia
XAUUSD market technical outlook
2020-02-04 09:02:13
Corrective downswing of gold is fully completed, therefore despite the absence of any direct long-signal we can expect new upward reversal at any moment.
Key support now resides at the area of last local low (1563.16): we can consider downward reversal of the trend in case this level is broken.
H1-chart:
Local structure has signs of downward reversal, however bears have a very strong and stiff support zone 1570.40-1571.04 on the way. Bulls will keep high odds for upward start in direction 1582.79 while this zone is unbroken (see the black arrow).
If sellers pierce 1570.40-1571.04, gold might slump toward 1563.16.
Conclusions:
Main scenario: Upward bounce off 1570.40-1571.04 in direction 1582.79.
Alternative scenario: Break of support 1570.40-1571.04 and further drop of the quotes to the 1563.16 region.
Trading recommendations:
-
Above 1570.40-1571.04 - longs to 1582.79.
-
Below 1570.40-1571.04 - shorts to 1563.16.
Latest news
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