Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Forming of trending upswing continues. To retain mid-term uptrend bulls have to break the last high of the structure (the mark of $1348 for a troy ounce, watch the black arrow). For downward reversal bears have to prevent the break of 1348.00 (watch the blue arrow).

Given that growth goes without a strong prior long-signal, the probability of hot rumble in this area is quite high.

H1-chart:

Local upward structure didn’t surpass its peak (1338.14) so far, but there are all premises, that buyers will cope with this task. Thus the trend’s destiny will be defined by the 1348.00 level.

Conclusions:

Break above 1338.14 and attempt to break the 1348.00 level.

Trading recommendations:

  1. Longs in direction 1348.00.

  2. Seeking for local short-signals during probable weakening of bulls when approaching the 1348.00 level.

New articles