XAUUSD market technical outlook
Analysis method - “Gann Swings + Price Action”
The gold has formed a bearish inside bar yesterday and today there are all premises for a close of the session by false upward break, that will be a very strong sell signal for tomorrow and for the whole next week.
We can see a lower high within local structure and it’s a sign of bullish trend weakening. The key support for reversal confirmation is 1232.70, where the closest low of upward tendency resides. Thus the most likely scenario is an attempt of recovery towards the 1240.00 level and then slump under 1232.70.
Growth towards the 1240.00 level and then decline in direction 1230.00.
Looking for local sell signals at the 1240.00 region.