Technical analytics

XAUUSD market technical outlook

XAUUSD

 Daily chart:

Bears couldn’t break inside bar to the downside yesterday having allowed session close in the shape of false break. However structure still needs corrective downswing. Besides it’s going to be very hard for market to overcome a barrier in the shape of 1473.48-1474.63 zone.

Thus we can expect start of decline with target at support 1458.63. 

H1-chart:

On local chart resistance area 1474.13-1474.86 can also be well seen (yellow zone), which probably will let bears to reach support 1462.00.

Conclusions:

Decline towards 1462.00.

Trading recommendations:

Shorts towards 1462.00.

 

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