XAUUSD market technical outlook

2020-05-20 10:21:07

Daily chart:

As we supposed yesterday, gold got support at the area of 8-day EMA that resulted in a tangible upward bounce.

Thus bulls have good chances for trying to attack the last structure’s high (1764.88).

H1-chart:

And locally we have an opposite signal! Bearish pattern Over&Under which can trigger decline as the price resides at the area of potential offer 1750.47-1751.95.

In case of confirming the quotes can slide to support zone 1725.49-1726.82.

Conclusions:

Main scenario: Decline from current levels in direction 1725.49-1726.82.

Alternative scenario: Break above 1751.95 and growth in direction 1765.00-1770.00.

Trading recommendations:

Shorts from 1750.47-1751.95 to 1725.49-1726.82.
Longs to 1765.00-1770.00 (in case the price settles above 1751.95).

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