XAUUSD market technical outlook

2020-06-03 07:42:36

Daily chart:

Quite short downswing has been formed. Given the presence of strong support 1720.78, there is a good chance for a start of new upswing in direction of the pivot-zone 1737.39-1746.27 (black arrow).

We should acknowledge 1720.78 a key level: if this level proves broken, almost nothing will interfere with drop of the quotes to 1690.71 (red arrow).

H1-chart:

Local structure has a perspective support zone 1719.88-1722.05, which can trigger an upward bounce.

One more argument in favor of upswing development is the presence of high-standing offer zone 1741.00-1742.47, which was formed by bearish pattern O&U.

Conclusions:

Testing of 1719.88-1722.05 and upward reversal in direction 1733.79 and 1741.00-1742.47.

Trading recommendations:

Longs from 1719.99-1722.05 to 1733.79 and 1741.00-1742.47.

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 […]