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XAUUSD market technical outlook

Daily chart:

Gold grows and it’s not going to stop. Investors don’t hurry to close positions amid overall uncertainty of the market. There are all reasons to expect further growth of the asset to local round marks 1960.00, 1970.00, 1990.00. And of course a long-term target is the psychological level of $2000 for an ounce where most likely profit booking will be triggered. 

H1-chart:

Local upward structure got a slight stop at its peak that may suggest a short-term pullback to the recent broken base 1908.00-1909.80. In case of such correction development it’s recommended to enter long-trades at this zone again. It’s unsafe to enter at current levels due to very high required stop loss level.

Conclusions:

Main scenario: Corrective decline to 1908.00-1909.80 with steep extension of growth in direction 1960.00.

Alternative scenario: Extension of growth from current levels in direction 1960.00 and 1970.00.

Trading recommendations:

Seeking local buy signals during probable downward correction.

Latest news

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

Deposits are even more profitable now!

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 […]