Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Yesterday’s bar can’t be regarded as full-value pinbar because of bearish close. But it has revealed a false break of the pivot-level 1324.00, that today drives to active development of new upswing already. Thus bulls can attack the last high of the structure (1348.00), that of course would support the uptrend.

H1-chart:

It’s a tough situation for buyers within local structure: we see, that upswing it’s a correction in direction of the potential offer zone 1339.58, that was was formed by bullish pattern O&U (watch the trajectory of red arrow).

Thus it’s a key zone for upward and downward scenarios today.

 

Conclusions:

Main scenario: Growth towards 1339.58 and then downward reversal in direction 1319.00.

Alternative scenario: Break above 1339.58 will drive to growth towards the 1348.00 level and a high probability of this level break.

Trading recommendations:

  1. Shorts from the 1359.58 level towards 1319.00.

  2. Longs to break 1340.00 towards 1350.00.

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