Technical analytics

XAUUSD market technical outlook

XAUUSD
Daily chart:

We can state, that bulls were unable to break the psychological barrier of $1300 for an ounce, that caused the development of downward correction at the moment.

The stopping supports might be the 1288.60 and 1280.00 levels. Buy signals formed at this marks are very likely to be executed.

H1-chart:

Local structure also has corrective signs: lower high and also bears are poised now to break local low at the 1293.31 level. Thus testing of the pivot-zone 1288.09-1288.86 looks almost an inevitable scenario.

At the same time support at this area can prove to be very stiff as well.

Conclusions:

So we expect decline to the 1288.09-1288.86 area and then development of new upswing.

Trading recommendations:

  1. Shorts towards 1288.09-1288.86.

  2. Longs from the 1288.09-1288.86 zone in direction 1300.00.

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