Technical analytics

XAU/USD market technical outlook

Daily chart:

Reversal pattern Double top is formed at the resistance zone 1797.50, which will be confirmed in case today's session closes in the shape of a bearish inside bar.

Given that this confirmation wasn’t received so far, there are big odds for extension of growth above the psychological level 1800.00 (black arrow).



Bullish inside bar was formed at the tip of corrective downswing. It’s a signal to go long and for a segue of the market to a new trending upswing accordingly (black arrow).

In case the rate declines under support 1783.28, we would expect an extension of correction development to the downside by another $10 to 1772.91-1774.64.



Main scenario: Growth to 1810.00-1815.00.

Alternative scenario: Decline to 1772.91-1774.64.

Trading recommendations:

Longs to 1810.00-1815.00.


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