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XAUUSD market technical outlook

Daily chart:

Gold market as we anticipated retained flat tone and continues to stay in the range between support 1690.71 and resistance 1720.35. Optimal trading tactics might be longs from the lower border of the range, where a corrective swing might be formed today and a probability of new strong upward movement respectively.


It seems that local consolidation will be broken to the downside today. Bears will face a tough objective to pass support levels 1699.30 and 1697.00. But even if they succeed, they’ll get a new test at 1690.00-1692.00.


Decline in direction 1690.00-1692.00 with following upward bounce.

Trading recommendations:

  1. Shorts to 1690.00-1692.00.

  2. Longs from 1690.00-1692.00 (in case of getting a confirming signal at this area).

Latest news

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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

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2021-02-01 11:29:44

Only until February 26, special deposit rates* are available for all traders in Malaysia, Indonesia, Vietnam and Thailand: 3.6 MYR = 1 USD 10 000 IDR = 1 USD 20 000 VND = 1 USD 25 THB = 1 USD *Only Local bank deposit method is included Hurry up to take advantage of the offer until […]