XAUUSD market technical outlook

2020-08-26 08:50:58

Daily chart:

Consolidation of the gold market in the 1910.00-1962.00 range is in progress. And it’s probably coming to an end. Key level now is support 1910.00 and we can expect a development of one of the two scenarios with respect to this mark: a drop to 1863.00 (scenario 1 on the chart) or mid-term growth in direction 2015.31 (scenario 2).

H1-chart:

Right now a “double bottom” pattern is potentially being formed within local structure. To validate it bulls shouldn’t let the break of support zone 1914.10-1915.20 happen that would allow them to develop upswing in direction of resistances 1930.00, 1937.20, 1945.00 (black arrow). If the support zone 1914.10-1915.20 proves broken, the lower wall of daily consolidation at 1910.00 will get under substantial pressure (red arrow).

Conclusions:

Main scenario: Upward bounce off support 1914.10-1915.20 and further growth in direction 1930.00, 1937.20, 1945.00.

Alternative scenario: Break of support 1914.10-1915.20 and decline to 1910.00 with a serious threat of further drop below 1900.00.

Trading recommendations:

Above 1914.10-1915.20 - longs to 1930.00, 1937.20, 1945.00.
Below 1914.10-1915.20 - shorts to 1910.00, 1900.00.

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 […]