Technical analytics

XAUUSD market technical outlook

XAUUSD
Daily chart:
Gold continues to slide within strong downward trending movement. In case of break of the “round” local level of $1270 for a troy ounce, we can expect further weakening for not less than $10-15 in direction 1255.00-1260.00.

H1-chart:

Local structure having been formed another low experiences the stage of probable upward correction. It can be very short and face sell-offs at the 1272.00-1274.00 (watch the black arrow) but also can get impulse tone in direction of the last high (1278.00-1279.00, red scenario).

Conclusions:

Main scenario: We expect continuation of decline in direction 1255.00-1260.00.

Alternative scenario: Upward correction in direction 1278.00-1279.00.

Trading recommendations:

Shorts towards 1255.00-1260.00.

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