Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Upswing is fully completed, that indicates a probable continuation of gold market’s massive consolidation in the range of last swing (1385.58-1426.89, watch the blue trajectory).

However as well as in case with EURUSD the structure doesn’t have a direct short-signal, therefore we can’t rule out a break above the last high (1437.43, watch the black arrow).

H1-chart:

Local structure undergoes the stage of forming of corrective downswing. Its optimal cut zone is pivot-level 1407.50, where we again can consider going long. 

Conclusions:

We expect decline towards 1407.50 and then growth in direction 1426.89.

Trading recommendations:

  1. Shorts towards 1407.50.

  2. Longs from 1407.50 to 1426.89.