Yesterday the bulls managed to break the resistance zone 1850.27-1860.00 and settle above it. Thus buyers got room for an attempt to raise the price of gold up to the psychological mark 1900.00. Resistance area 1894.47-1898.73 will interfere with this attempt.
Local upward structure undergoes corrective phase. In order to keep the bullish tone of the market buyers will have to guard support in the area of the closest low (1857.75, black trajectory). Otherwise the quotes might again slide in direction 1842.15-1847.78 (red arrow).
Main scenario: Decline to 1857.75-1860.00, then extension of growth in direction 1875.00, 1880.00 with aim at 1900.00 (in medium term).
Alternative scenario: In case support 1857.75 gets broken, we expect a decline in direction 1842.15-1847.78.
Longs from 1857.75-1860.00 to 1875.00, 1880.00, 1885.00, 1890.00.
Shorts, reckoning on break of 1857.75, to 1842.15-1847.78.
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 […]
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 […]