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XAUUSD market technical outlook

Daily chart:

Gold reached the strong pivot-zone 1848.21-1857.06, which is capable of holding the bulls’ pressure and switching the market by that to a flat between this zone and support 1810.17-1818.32 (red trajectory).

In case the bulls manage to break the 1848.21-1857.06 hurdle, the price will recover to the closest resistance at 1874.77-1875.33 (black arrow).


Local structure lost an upward tone having formed Over&Under pattern. Thus a key resistance zone today will be 1842.90-1845.14 from where the asset might be sold out in direction 1828.62-1831.87.


Main scenario: Decline of the quotes to 1828.62-1831.87 followed by an upward bounce to 1842.90-1845.14.

Alternative scenario: Attempt of break above 1857.06 in direction 1860.00-1865.00.

Trading recommendations:

Trading to both sides in the 1828.62-1845.14 range.


Latest news

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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

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2021-02-01 11:29:44

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