Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

It looks like downswing has exhausted all of its decline potential and now the market is forming a necessary volume for probable upward start. We don’t see a direct long setup so far, therefore it’s likely, that today’s trading will go in a flat mode.

H1-chart:

Local structure has clear consolidative tone - supports gradually move higher regarding each other whereas the highs move lower. We can say, that trading range is contracting that is inherent to the phase of strong trending potential accumulation.

At this moment the gold goes in an upswing, therefore bulls have good position to break resistance zone 1507.00-1508.00, that would be a signal for the launch of new strong daily upswing.

Conclusions:

Growth in direction 1507.00-1508.00.

Trading recommendations:

Longs towards 1507.00-1508.00.