Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Fall of gold continues after bears have broken the psychological support of $1800 for a troy ounce last week. Amplitude of decline is getting too big making us expect a start of correction no later than from the round level 1750.00.

H1-chart:

Local downward structure got a new low and a bullish pin-bar allowing gold to correct in direction of the closest high (1787.00-1790.00) at this moment, where sell-offs might resume. 

Conclusions:

Main scenario: Upward pullback to 1787.00-1790.00, then extension of decline in direction 1750.00.

Alternative scenario: Drop in direction 1750.00 from current levels.

Trading recommendations:

Shorts from 1787.00-1790.00 to 1750.00.

 

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