Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Market after renewal of today’s low remains in the stage of corrective downswing building, which is presumably directed to the area of the last structure’s low (1478.50).

H1-chart:

Local structure is trending down. The key support is 1492.56: a short upward reversal to the 1502.00-1503.00 region might take place until it’s unbroken (watch the black trajectory).

Conclusions:

Main scenario: Decline under 1492.56 and further development of downward swing in direction 1478.50.

Alternative scenario: Upward bounce off 1492.56 toward 1502.00-1503.00.

Trading recommendations:

  1. Below 1492.56 - shorts towards 1478.50.

  2. Above 1492.56 - longs towards 1502.00-1503.00.

  3. Longs from 1478.50.

  4. Shorts from the 1502.00-1503.00 zone.

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