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

XAUUSD market technical outlook

Daily chart:

Bullish swing quite predictably has tested the resistance zone 1750.00-1760.43. At the same time the buyers have hit their primary target - renewal of the structure’s local low that signifies an upward reversal of the trend.

First part of today’s session goes within the range of yesterday’s session (Inside bar), which is a potential signal for kickstarting correction. Such a scenario is very logical after new extremums of the market were formed. Potential of pullback is the pivot-zone 1718.89-1719.00.

H1-chart:

Local uptrend undergoes the stage of corrective downswing building, which may get a cut-off at the support zone 1742.90-1745.11 (black trajectory), where the buyers can regain control. In case of a deeper correction gold may slide to 1740.31-1731/81 (red arrow).

Conclusions:

Main scenario: Decline to 1742.90-1745.11 followed by an upward reversal and growth in direction 1760.00-1765.00.

Alternative scenario: In case the 1742.90-1745.11 zone gets broken, correction will be extended to 1730.31-1732.81.

Trading recommendations:

  1. Seeking probable buy signals at 1742.90-1745.11.

  2. Shorts to 1730.31-1732.81 (in case an alternative scenario gets confirmation).

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