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

XAUUSD market technical outlook

Daily chart:

As we see downswing didn’t get a significant development. Instead of this market switched to the phase of upswing. Potential of its development is not too big so far as structure got bearish tone last week. Therefore we can assume that gold won’t go above the closest high 1720.35 and we can expect a downward reversal from this level in direction 1690.71.

H1-chart:

Local structure is in final stage of building corrective upswing. It’s unlikely that bulls are capable to go above resistance 1711.18-1712.41. Consequently it’s the level where we can consider short trades with count on drop of the quotes to support 1691.35.

Conclusions:

So, we expect end of growth at 1711.18-1712.41 and then decline in direction 1691.35.

Trading recommendations:

Shorts from 1711.18-1712.41 to 1691.35.

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