Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Upswing couldn’t pass resistance 1473.50 and now quite active downward correction is in progress.

At the same time potential for development of this correction appears to be limited by support at 1458.63, which triggered forming of bullish reversal pinbar several days ago.

H1-chart:

Local downward technical correction continues. It might be stopped at 1455.50 and 1447.88. Any buy signals at these marks will have high chances for execution.

Conclusions:

Decline in direction 1455.50 and 1447.88.

Trading recommendations:

  1. Shorts towards 1455.50 and 1447.88.

  2. Seeking for local buy signals at 1455.50 and 1447.88.

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