Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

As we see pivot-level 1638.00 managed to stop the growth of gold yesterday making markets to close below the opening price. Downswing might get extension in direction 1561.50 if support 1593.50 is broken, where the asset is traded at the moment.

H1-chart:

Local structure remains upward, besides it has formed a relatively short correction. This gives buyers a chance to make one more attempt of breaking resistance 1637.00-1638.00.

We might expect a downward reversal in case the price will stall again at this zone (black trajectory).

 

Conclusions:

Main scenario: Break above 1638.00 and growth to 1650.00-1655.00.

Alternative scenario: Downward reversal from 1637.00-1638.00 in direction 1600.00 with aim at 1560.00.

Trading recommendations:

  1. Longs to 1650.00-1655.00.

  2. Shorts from 1637.00-1638.00 (in case of getting additional signals at this area).

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