Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Downswing has reached a perspective demand area - 50% of November 12th bullish pin. The signal itself is not so actual probably. However support zone which formed it is still in the game! Thus there is quite a high probability of upward reversal for gold. 

H1-chart:

Local downward structure doesn’t cast any doubts, therefore we can expect a decline again from the pivot-level 1459.18. Theoretically this slide can reach the last low of the structure (1451.26).

Conclusions:

So, we expect testing of 1459.18 and then decline towards 1451.26.

Trading recommendations:

Shorts from 1459.18 to 1451.26.

 

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