Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

As it was supposed market switched to corrective downswing. Its development potential now is one of the two pivot-zones: 1779.12-1788.84 or 1757.06-1765.00. Demand may emerge at any of these zones that may shift gold to new trending growth. 

H1-chart:

Local technical upward correction can be finished shortly: gold is approaching the pivot 1802.29-1802.77, where we have the two recent broken lows of the structure.

Thus it’s from here the asset supposedly will be actively sold out in direction 1779.12-1788.84 and 1757.06-1765.00 (in medium term).

Conclusions:

So, we expect a touch of 1802.29-1802.77 and then decline in direction 1779.12-1788.84 or 1757.06-1765.00 (in medium term).

Trading recommendations:

Shorts from 1802.29-1802.77 to 1779.12-1788.84.

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