Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Before the afternoon trading goes inside yesterday’s range (“double bottom” pattern). If daily bar closes in the same way we’ll get an important buy signal for tomorrow. Moreover we can’t forget a perspective offer zone at 1554.50 where we have an entry into bearish pattern O&U.

Thus this zone might be the target for long-trades.

H1-chart:

Local structure keeps downward tendency. Given the switch to trending stage we should confirm high risks of renewing the lows. 

Conclusions:

Decline towards 1480.00.

Trading recommendations:

  1. Shorts towards 1480.00.

  2. Seeking for probable long signals at 1480.00.

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