Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Market didn’t formed strong signal for growth continuation within mid-term uptrend so far, therefore despite the fact, that structure is forming trending swing, potential of upward movement looks limited so far.

H1-chart:

Ae we see, locally bulls managed to protect structure’s low and today they actively attack in direction of two strong resistance zones - 1311.00 and 1315.00-1316.00. They are unlikely to move higher today, since the structure doesn’t have trending configuration so far.

Optimal point for intraday long-trades is 1307.19 (watch the trajectory of black arrow).

Conclusions:

So, we expect growth in direction 1315.00-1316.00. Prior pullback towards the 1307.19 level can take place.

Trading recommendations:

  1. Longs from 1307.19 towards 1315.00-1316.00.

  2. Short-term selling from the 1315.00-1316.00 zone.

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