Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

As it was anticipated a new downswing is launched. Target of sellers now is the closest structure’s low (1535.71).

H1-chart:

Offer zone at 1562.55, which was created during forming of Over&Under pattern, wasn’t tested within local structure. Therefore we can’t rule out that downward reversal will take place only after touch of this zone. Bulls also may face a strong resistance at 1559.83-1560.50.  

Conclusions:

So, we expect growth to 1559.83-1562.55 and then steep downward reversal in direction of support zone 1549.00-1550.00.

Trading recommendations:

Shorts from 1559.83-1562.55 to 1549.00-1550.00.

 

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