Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

We got an important to the start of new upswing - bullish inside bar formed from a solid support level. This with high probability will lead to recovery of gold’s positions in direction of resistance 1534.43.

H1-chart:

We note a very stiff resistance at 1506.40, from we are likely to get one more downward pullback to the support-zone 1499.10-1500.45. Thus the most perspective trades today are longs at the tip of such technical pullback.

Conclusions:

So we expect pullback from 1506.40 to 1499.10-1500.45 and then start of impulse growth in direction 1520.00 with aim at 1534.43.

Trading recommendations:

  1. Shorts from 1506.40 to 1499.10-1500.45.

  2. Longs from 1499.10-1500.45 to 1520.00-1534.43.

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