Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Uncompleted formation “Double high” can be observed at the area of the last structure’s extreme (1297.88) being a reversal pattern (watch the black arrow). In case of today’s session close below this level we’ll get premises for strong downswing.

However we can discuss this only tomorrow after today’s bar close.

H1-chart:

As we type this report, bears are about to form a downward reversal in the shape of “Over&Under” pattern within local structure. To achieve that they just have to break the support 1291.03 and most likely it’s going to happen. This would allow to consider opening short-trades from the penultimate structure’s high (1293.22).

Conclusions:

We expect decline in direction 1285.00-1286.00 and then pullback towards 1293.22.

Trading recommendations:

In case of decline under 1291.03 - we set sell limit orders at the 1293.22 handle.


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