Technical analytics

XAU/USD market technical outlook

XAUUSD
Daily chart:

Upswing is getting ready to test the resistance zone 1745.38-1751.00, where we’ll have huge odds for a cut-off of growth and switching to a new downswing.

But also we won’t rule out a scenario of the ultimate break of the mid-term downtrend as the latest growth wave goes in the course of execution of a double bottom. 

 

H1-chart:

Local growth of the rate has a trending mode. Gold structure is the bullish one, therefore we can confidently expect a break of the closest high (1745.11) and renewal of the peak. Further we expect a market reaction on the resistance zone 1750.00-1751.00.

Conclusions:

Main scenario: Growth to 1750.00-1751.00 followed by a downward reversal.

Alternative scenario: Break above 1750.00-1751.00 in direction 1760.00.

Trading recommendations:

  1. Longs to 1750.00-1751.00.

  2. Seeking probable sell signals at 1750.00-1751.00.

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