Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Spike of gold with break of another round level 1850.00 is a sign of overall escape from risks. It looks like shortly we’ll see gold at the mark of $1900 for an ounce.

H1-chart:

A very massive and long bullish swing. It’s just unclear where do buyers get the fuel for such movement, but as we got it above they are not going to stop. Anyone who is seeking correction in such a trend is almost a madman. Supposedly we can get a kind of “bullish flag” or “pennant” before growth to 1900.00 will be resumed allowing to go long from 1854.00-1855.00.

Conclusions:

Consolidation at 1854.00-1855.00 and then extension of growth. Mid-term target of the market is 1900.00.

Trading recommendations:

Longs from 1854.00-1855.00 to 1900.00.