Close of yesterday’s session by the bullish reversal bar, though not being a full-fledged trading setup, well signifies preparedness of the market for a slight recovery from the support zone 1718.89-1723.90 in direction of resistance 1756.11-1760.43. In this vein, probable local buy signals on junior time-frames will be of big significance.
Local structure of gold has signs of a bull trend (see consecutive higher lows and higher highs). To keep this tendency the bulls need to prevent a break of the support zone 1730.68-1731.65, where the closest local low resides. In this case we would expect another upward momentum in direction 1742.17-1745.00 (black arrow).
Otherwise the price will again slide to 1726.85-1727.14 (red arrow).
Main scenario: Growth from 1730.68-1731.65 in direction 1742.17-1745.00.
Alternative scenario: Decline to 1726.85-1724.14.
Longs from 1730.68-1731.65 to 1742.17-1745.00.
Only from April 12, 2021, to May 14, 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 […]
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