Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

As we see, bulls were able to retain control yesterday by not giving the market a chance to renew local lows. Such tactics of consistent pushing the price to the upside will be maintained today as well (see the black trajectory).

In general, from the mid-term trend point of view, gold might be aimed at break of the last high (1611.19).

H1-chart:

Local structure doesn’t have a steady uptrend losing lows from time to time. Therefore it’s going to hard for bulls to reckon on break of resistance zone 1567.67-1568.36, where the asset might be sold out in direction of wide pivot-zone 1558.15-1560.00.

Conclusions:

So, we expect growth to 1567.67-1568.36 and then decline in direction 1558.15-1560.00.

Trading recommendations:

  1. Longs to 1567.67-1568.36.

  2. Shorts from 1567.67-1568.36 to 1558.15-1560.00.