Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

At time of writing bulls has predictably broken another high already. Thus uptrend for gold is confirmed.

A con of such phase is that the area of potential entry is completely fuzzy for traders - downward correction is possible from any mark now and it’s probably better to consider trading moves on this asset after weekend.

H1-chart:

Local upward structure undergoes trending stage. As we see amplitude of upswing is very big, that also speaks for scenario of downward correction start from any tangible resistance (e.g. from 1355.00-1357.00)

Conclusions:

Main scenario: Growth towards 1355.00-1357.00 and then downward reversal.

Alternative scenario: Break towards 1360.00.

Trading recommendations:

Looking for local downward corrections to track the long-signals at their endings.

 

New articles