Technical analytics

XAUUSD market technical outlook

XAUUSD

Gold broke long-term resistance at 1737.39-1745.27 and now almost nothing interferes with bulls’ movement in direction of $1800 for a troy ounce. There should be corrections of course, but it’s early to discuss them yet.

H1-chart:

Local upward structure got a bearish inside bar at the tip of trending swing, therefore a corrective pullback to 1750.42 would be appropriate now. Thus we expect testing of this level and go long reckoning on momentum in direction 1800.00.

Conclusions:

Ending of the downswing at 1750.42 and following upward reversal in direction 1800.00 (it’s quite likely that such a bold target won’t be reached within one day).

Trading recommendations:

Longs from 1750.42 to 1770.00, 1780.00, 1790.00, 1800.00.

 

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