Technical analytics

XAUUSD market technical outlook


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).


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).


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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