Monthly reviews

XAUUSD market technical outlook

XAUUSD

Monthly chart:

Active development of upswing goes on in direction of the very strong resistance area 1357.00-1374.80, where, with very high probability, a new downswing can be triggered.

The structure from one hand doesn’t have any signs of bullish swing halt so far, but from the other hand, steady uptrend is absent as well, therefore such scenario seems to be the only one.

Conclusions:

So, we expect further growth of the quotes in direction 1357.00-1374.80 and then forming of short-signal at this area.

Trading recommendations:

  1. Longs in direction 1357.00-1374.80.

  2. Looking for sell signals at the 1357.00-1374.80 region.