Friday had quite a promising close for the sellers (bearish inside bar at the tip of upswing). However an open of the new week proved shocking - the bulls aggressively continued pressure right after returning of the stocks from the weekend. If gold settles above the resistance zone 1898.73-1902.37, there will be big odds for extension of the quotes’ growth in direction 1931.20-1932.93 (black arrow).
However the psychological importance of the round level 1900.00 is high that will keep a likelihood of false upward break and development of downswing in direction 1850.27-1860.00 (red scenario on the chart).
Local upward structure got a reversal bearish bar at the tip of trending swing that might facilitate the forming of corrective decline in direction of the pivot-zone 1886.42-1889.15, where the upcoming fate of the trend will be determined - either an extension to the upside (black trajectory) or tangible prolongation of correction in direction 1877.01-1878.09 (red arrow).
Main scenario: Decline to 1886.42-1889.15.
Alternative scenario: Break above 1902.37 and growth to 1931.00-1932.00.
Shorts to 1889.15. 1886.42.
Seeking local buy signals at 1886.42-1889.15.
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 […]