Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Corrective downswing of gold didn’t get signs of completion so far having made close below the opening price. Thus we’re very likely to get testing of the pivot-zone 1480.00 and bulls sure thing will take efforts to guard it.

H1-chart:

Bullish pinbar is being formed at the area of mid-term support 1492.00-1493.00, that probably will let market to recover intraday positions to the 1500.00-1501.07 region, where we might face sell-offs again.

Conclusions:

Growth in direction 1500.00-1501.07 and then downward reversal.

Trading recommendations:

  1. Longs towards 1500.00-1501.07.

  2. Shorts from 1500.00-1501.07.

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