Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Downswing slowed down a little at the area of support 1218.34, that is normal - gold “respects” levels. Nevertheless, the decline potential isn’t used up and we can expect further ease of the quotes in direction of the 1208.00-1209.00 region, that is conditioned by implementation of bearish pattern O&U.


H1-chart:

Local structure after short pullback again switched to trending swing phase. Thus, we can expect continuation of market decline in direction 1208.00-1209.00.


Conclusions:

Continuation of decline in direction 1208.00-1209.00.

Trading recommendations:

Shorts in direction 1208.00-1209.00.


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