Technical analytics

XAUUSD market technical outlook

XAUUSD
Daily chart:

Yesterday a slump of the yellow metal quotes took place, that from one hand was expected, but from the other hand it happened without a prior short-signal. It seems. that bears will continue their pressure in direction of the last low of the structure (1280.52).


H1-chart:

Local downward structure is developing corrective upswing. It’s very likely, that it’ll be completed right now, since at the tip of correction a bearish pin is formed. But we also can’t rule out extension of pullback in direction of PPZ 1300.74 (watch the red arrow).


Conclusions:

Main scenario: Continuation of the quotes drop in direction 1280.52.

Alternative scenario: Upward pullback in direction 1300.74 and then new downward reversal.

Trading recommendations:

Shorts in direction 1280.52.

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