Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Buyers managed to close above the resistance zone 1324.00-1325.00, that indicates a probable maintaining of bullish tone on the market. However it’s obvious, that further growth of the quotes can be complicated without full-size downward correction. If upswing will express weakness approaching the last high (1342.83), this might be an indirect signal for downward reversal.

H1-chart:

Local pivot-zone 1327.54 revealed demand for gold, that so far allows quotes to grow. However we can draw the same conclusions here: previous corrective swing has even no room to be placed on the screenshot! It’s an apparent abnormity, that should be fixed by the market.

 

Conclusions:

Growth in direction 1342.83 and then downward reversal in direction 1327.54.

Trading recommendations:

  1. Longs in direction 1342.82.

  2. Shorts from the 1324.82 level (after a confirming signal).

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