Technical analytics

XAUUSD market technical outlook

XAUUSD
Daily chart:
Downswing wasn’t completed after all, therefore current testing of the pivot-zone 1301.00-1301.80 can be considered a pullback and, correspondingly, it can be used to search for probable local sell signals.

H1-chart:

According to conclusions from the daily time-frame, on local structure we have to note potential pivot-levels, where a downward reversal can take place. Such zones are current quotes (1300.00-1301.80 area) and also regions 1304.00-1305.00, 1307.00-1308.00. Probable short-signals, that might be formed at these zones, will have higher likelihood of successful execution.

Conclusions:

So, we expect start of strong downswing form the zones 1304.00-1305.00, 1307.00-1308.00. Level 1290.00 can be the target of decline.

Trading recommendations:

Shorts from the 1304.00-1305.00, 1307.00-1308.00 regions towards 1290.00.