Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Gold continues to probe support area 1479.35-1483.60. Though it only increases a probability of new upswing start as downswing doesn’t have big prospects already.

H1-chart:

Local structure is still trending down making possible one more testing of support area 1485.35-1486.05. Thus today’s scenario is touch of 1485.35-1486.05 zone and upward bounce in direction 1495.00-1500.00.

Conclusions:

Decline to 1485.35-1486.05 and following upward bounce to 1495.00-1500.00.

Trading recommendations:

  1. Shorts towards 1485.35-1486.05.

  2. Longs from 1485.35-1486.05 to 1495.00-1500.00

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