Technical analytics

XAUUSD market technical outlook

XAUUSD
Daily chart:

So, downswing is fully completed. At the same time the strong pivot-zone 1280.51-1283.62 is probed. Today’s trading goes within yesterday’s range (“bullish inside bar” formation). If the day closes in the same way, we would have a very strong buy signal on Monday.

H1-chart:

Local structure has the tone of downtrend but undergoes the stage of correction. Thus today bulls probably will guard the support 1283.66, that will let gold to recover positions towards the 1292.00-1293.00 levels.


Conclusions:

Growth towards 1292.00-1293.00 and forming of bullish inside bar by the end of the day.

Trading recommendations:

Longs towards 1292.00-1293.00.


New articles