The quotes of gold predictably slid to the area of the latest structure’s low (1676.56). At the same time a new low wasn’t broken so far meaning that the ongoing process may have the signs of the Double bottom pattern. If the structure manages to keep this mode, the asset will recover its positions to 1718.89 (black arrow). Otherwise, the fall can be extended in direction 1650.00.
Within the local bearish structure the forming of corrective upswing is in progress with development potential at the area of the closest broken low (1701.66-1705.58). Thus this zone is of interest for the following sell-offs in the course of overall downtrend of gold.
Main scenario: Growth to 1701.66-1705.58 followed by decline in direction 1677.64.
Alternative scenario: Recovery to 1718.89.
Longs to 1701.66-1705.58 and perhaps to 1718.89.
Seeking probable sell signals at 1701.66-1705.58.
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