Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Bears were terribly trapped yesterday, when everything pointed to short-trades, but eventually ended up with touch of exponential moving average and new upward ejection.

Will it be a new phase of growth or a mirror bullish trap - we’ll see. But it’s obvious, that positioning advantage of buyers is dominating. Thus the major expectation is growth in direction 1540.00-1550.00!

H1-chart:

Upswing has a very big scale plus the structure had a break of the low suggesting unsteadiness of local uptrend. Thus we can reckon on prior downward pullback to the 1519.00-1520.00 region, where we may consider long-trades.

Conclusions:

Downward pullback to the 1519.00-1520.00 region and then growth to 1540.00-1550.00!

Trading recommendations:

Longs from 1519.00-1520.00 to 1540.00-1550.00.

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