Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

It’s quite reasonable, that such a long upswing has driven market to steep downward correction, that can be observed today. Supposedly the target of pullback might be the 1302.83 level, where the mid-term pivot-zone resides with potential significant demand volume.

 

H1-chart:

Local structure has lost the low at the 1327.30 level, that confirms short-term downward reversal. At the same time a prior upswing can take place to the 1340.00 region, from where we might go short actively.

 

Conclusions:

Main scenario: Upward pullback to 1340.00 and then downward reversal.

Alternative scenario: Continuation of decline from current levels in direction 1320.83.

Trading recommendations:

  1. Longs towards 1340.00.

  2. Shorts from 1340.00 towards 1302.83

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