Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

The structure of gold market retains flat tone despite renewal of local highs. This signifies that we have equal probability of either extension of growth in direction of the next resistance zone 1588.42-1593.52 (blue scenario) or downward pullback to support 1561.80-1562.85 (see the black arrow). 

H1-chart:

Local structure looks incapable to break resistance at 1577.28-1577.80. It seems that market will choose either a breather in a flat inside the 1572.65-1577.80 range or will correct toward 1570.00 and lower (see the black arrow).

 

Conclusions:

Flat in the 1570.00-1577.80 range.

Trading recommendations:

Seeking for additional local signals inside the 1572.65-1577.80 channel.

 

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