Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Gold is testing another psychological barrier of $1900 for an ounce. So far there are no direct short-signals revealing bulls’ weakness, but bullish swing apparently might be substantially exhausted. Downward reversal from 1900.00-1905.00 is highly likely.

H1-chart:

Local structure so far keeps residual bullish potential, but here we can also consider a potential scenario of reversal from 1900.00. Strong stopping support zone is 1869.65.

Conclusions:

Growth to 1900.00-1905.00 and then downward reversal to 1869.65.

Trading recommendations:

  1. Longs to 1900.00-1905.00.

  2. Shorts from 1900.00-1905.00 to 1869.65.