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

XAUUSD market technical outlook

Daily chart:

Gold market undergoes a stage of correction before New Year holidays, when some investors prefer to lock in profit (or a part of it). The price is bracketed between strong zones of support (1850.27-1857.06) and resistance (1894.47-1898.73). The asset will probably stay in this range for a while gaining fuel for extension of growth.

H1-chart:

Local structure had a good bullish momentum, but after the weekend it got an impulsive downward correction. Two strong supports in a row were tested: 1881.09-1883.96 and 1877.44-1878.09, which showed the presence of those who are willing to buy at these prices. Nevertheless corrective swing so far isn’t completed. Trading tactic here is seeking a local long signal during the second test of one of the mentioned supports (black trajectory). The closest target is the area of recent high (1899.93-1906.36 zone).

Conclusions:

Main scenario: Pullback to 1881.09-1883.96, then upward reversal in direction 1899.93-1906.36.

Alternative scenario: Deeper downward pullback to 1877.44-1878.09 followed by upward move of the price in direction 1900.00-1906.36.

Trading recommendations:

Longs from 1881.09-1883.96 and 1877.44-1878.09 to 1900.00-1906.36.

 

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 […]