Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Corrective upswing is still uncompleted, that complicates development of decline. Most likely bears will be stuck today at the support zone 1479.35-1483.60, from where upward correction will be resumed after all.

H1-chart:

We note strong local support level 1485.50. It’s unlikely that sellers might overcome this zone neglecting it. Thus the main expectation is upward bounce off this level in direction 1500.00.

Conclusions:

Decline towards 1485.50 and then upward bounce in direction 1495.00 and 1500.00.

Trading recommendations:

  1. Shorts towards 1485.50.

  2. Longs from 1485.50 to 1495.00 and 1500.00.

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