Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Bullish inside bar was received at the tip of downswing yesterday being a solid long-trigger. It looks like upswing was triggered already, therefore we can expect gold at resistance 1534.43 first and then market might also test 1554.44 level, where a limit offer volume resides within bullish pattern O&U.

H1-chart:

Local upward structure undergoes the stage of another trending swing building. Given that new high was posted already there is an opportunity for short downward pullback to the 1498.00-1500.00 region, where we can again buy out the asset.

Conclusions:

Continuation of growth in direction 1534.43. Intraday pullback may take place towards 1498.00-1500.00.

Trading recommendations:

Longs from 1498.00-1500.00 to 1534.43.

 

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