Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Upswing of gold is fully completed and market is testing local pivot at the 1519.00-1520.00 zone. This makes possible downward reversal from current levels in direction of the last low (1483.00, watch the red arrow). In case of break of resistance 1520.00 the quotes might skyrocket to the next strong level 1534.43 that is more likely given a very confident break of inside bar to the upside, that was recorded on Friday.

H1-chart:

Local upward structure has completed corrective downswing and solid bullish momentum shown by the market in the last bar. Thus there are all chances for break of the closest high (1519.11) and further growth towards 1534.43.

Conclusions:

Growth towards 1534.43.

Trading recommendations:

Longs towards 1534.43.

 

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