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

XAUUSD market technical outlook

Daily chart:

Bullish swing so far doesn’t have signs of the buyers’ exhaustion, therefore we can expect an extension of gold recovery in direction of the strong mid-term resistance zone 1751.00-1760.43. Let’s note that hitting this target will still retain overall downtrend, therefore we can face a big volume of pending sell orders here.

H1-chart:

Uptrend so far keeps a proper bullish structure, but undergoes a corrective phase after testing the resistance zone 1736.46-1739.32. Key support zone now is the closest structure’s low (1719.53-1720.92), which the bulls will have to guard (black trajectory).

Thus, we would consider a downward reversal in case the 1719.53-1720.92 zone proves broken (red arrow). Demand zone 1705.58-1709.98 will be the bears’ target.

Conclusions:

Main scenario: Decline to 1719.53-1720.92 followed by growth extension in direction 1751.00-1760.00.

Alternative scenario: Break of 1719.53-1720.92 and further decline to 1705.58-1709.98.

Trading recommendations:

  1. Seeking local buy signals at 1719.53-1720.92.

  2. In case 1719.53-1720.92 gets broken - shorts to 1710.00, 1705.58.

Latest news

Deposit Bonus 200%

2021-04-13 10:05:09

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 […]

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