Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Growth stalled yesterday on the back of triggered local bearish pattern O&U, which we discussed. Presence of solid supports on the way of decline so far doesn’t allow considering serious prospects of decline. But a target in the shape of pivot-zone 1720.78-1724.71 is quite real even today.

H1-chart:

Local structure has completed downswing, but the last bar was closed below support zone 1737.79-1739.43, therefore further decline of the quotes is likely toward the closest support zone 1725.49-1726.82, where evidently an upward correction will be needed.

 

Conclusions:

Decline in direction 1725.49-1726.82 and then pullback to 1737.79-1739.43.

Trading recommendations:

  1. Shorts to 1725.49-1726.82.

  2. Longs from 1725.49-1726.82 to 1737.79-1739.43.

  3. New shorts from 1737.79-1739.43 (after an upward pullback).

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