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

XAUUSD market technical outlook

Daily chart:

Gold prices consolidate between two wide zones of support 1818.32-1831.06 and resistance 1857.06-1874.77. Both boundaries of the range were tested within a short while and probably this tendency will remain in place. The structure so far doesn’t have a completed bullish swing, therefore upward movement is in priority today.

H1-chart:

We need to note that the local structure has kept the tone of a bull trend without allowing the loss of a single support: the buyers guarded every previous low, though some attacks of the bears were bone-rattling. At this moment we have a new slight renewal of the local high that will facilitate growth of the rate in direction of the closest resistance zone 1850.35-1852.76 (black arrow).

Also we won’t rule out an option when the market will test 1833.81-1834.77 again and only after that will depart to the upside to 1850.35-1852.76 (red trajectory).

Conclusions:

Main scenario: Growth to 1850.35-1852.76 followed by a decline to 1845.12-1845.00.

Alternative scenario: Downward pullback to 1833.81-1834.77 followed by growth in direction 1850.35-1852.76.

Trading recommendations:

  1. Longs to 1850.35-1852.76.

  2. Shorts from 1850.35-1852.76 to 1845.00.

  3. Pending longs from 1833.81-1834.77 (in case an alternative scenario pans out).

Latest news

Reduced spreads for popular pairs

2021-02-11 15:07:39

FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications

Deposits are even more profitable now!

2021-02-01 11:29:44

Only until February 26, special deposit rates* are available for all traders in Malaysia, Indonesia, Vietnam and Thailand: 3.6 MYR = 1 USD 10 000 IDR = 1 USD 20 000 VND = 1 USD 25 THB = 1 USD *Only Local bank deposit method is included Hurry up to take advantage of the offer until […]