Technical analytics

XAU/USD market technical outlook

XAUUSD
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).

 

H1-chart:

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.

 

Conclusions:

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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