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

XAUUSD market technical outlook

Daily chart:

Gold broke another support suggesting an explicit domination of bears. On the other hand, there are two well-known statements. The first one: the longer the swing, the closer the correction. The second: important levels have a bigger effect within an undirected (flat) structure.

Based on these statements, we can assume that gold will shortly switch to correction. Now reaching long-term support at 1848.48-1859.96 by the market would look reasonable. But also forming of a reversal signal at current levels may take place.

H1-chart:

Local structure keeps a bearish tone so far and it’s forming another trending swing. Thus we can expect a decline of the quotes under the closest low (1859.73). 

 

Conclusions:

Main scenario: Decline to 1848.48, then a steep upward bounce.

Alternative scenario: Upward reversal from 1859.73 in direction 1877.00-1878.00.

Trading recommendations:

  1. Shorts to 1848.48.

  2. Longs from 1848.48.

Latest news

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 […]

Deposit Bonus 200%

2020-11-03 08:45:33

Only from November 02nd to December 04th, 2020, 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 200%? […]