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

XAUUSD market technical outlook

Daily chart:
Resistance zone 1788.00-1790.00 has triggered development of a very intensive downward correction yesterday, which now is quite capable of reaching the mid-term pivot-zone 1743.45-1746.86. Mid-term trend at this zone will still keep upward tone, therefore it’s highly likely that bulls will be very aggressive in attempts to guard it here. 

H1-chart:

Downward structure has a kind of abnormality, which consists in the fact that the size of daily bearish swing entirely coincides with H1-swing. Having such structure the sellers barely won’t have fuel for further decline.

Given that the structure doesn’t have an upswing so far, we can expect a pullback of gold to resistance zone 1771.39-1773.38 with following development of new downward movement in direction 1743.45-1746.86.

Conclusions:

Gold probably will extend decline in direction 1743.45-1746.86. But market can perform a prior testing of 1771.39-1773.38.

Trading recommendations:

  1. Shorts from 1771.39-1773.38 to 1743.45-1746.86.

  2. Longs from 1743.45-1746.86.

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 […]