Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Forming of corrective downswing is in progress. A safe depth of pullback for upward structure is the area of last low (1399.99): it’s highly likely, that traders will actively buy out gold from the psychological mark of 1400.00.

However from the swing structure point of view we can assume, that it will happen not today, but tomorrow as current swing needs one more new low in relation to the today’s bar.

H1-chart:

Local structure after break of last low has initial attributes of a downtrend. Now after completion of corrective upswing (presumably at 1422.00-1423.00) we can expect further decline of the yellow metal quotes in direction 1410.00-1415.00.

Conclusions:

Pullback towards 1422.00-1423.00 and then decline in direction 1410.00-1415.00.

Trading recommendations:

Shorts from 1422.00-1423.00 towards 1410.00-1425.00

 

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