Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Steep upward bounce off support zone 1715.87-1720.78 can trigger forming of bullish inside bar that would be a significant buy signal on Monday.

Bulls will have a complex resistance zone 1737.39-1746.27 on the way today. It seems that gold will be in a nervous flat between these zones.  

H1-chart:

Local structure is in final stage of corrective upswing development. Right now market is testing pivot-zone 1735.27-1740.71, where we’ll probably get a pullback to support 1730.21. Such moves quite match the scenario with forming of daily inside bar. 

 

Conclusions:

Downward reversal from 1735.27-1740.71 to 1730.21.

Trading recommendations:

Shorts term trades inside the 1730.21-1740.71 range

 

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