Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Downswing is completed. Given the testing of 8-day exponential moving average and corrective mode of decline, there are quite big odds for the start of new trending upswing from current levels. In this case bulls’ target will be at the closest high (1588.36).

H1-chart:

Potential for development of corrective upswing resides at PPZ 1575.64-1576.84. But as we see this swing is already completed with minimally required for correction local renewals of the high, therefore we can’t rule out another downward reversal.

Traders got in the situation today, when there are no direct signals for opening trades so far.

 

Conclusions:

Main scenario: Growth to 1475.64-1576.85 and then downward reversal.

Alternative scenario: Decline from 1570.00-1560.00 to 1560.00-1562.00.

Trading recommendations:

Seeking for local signals inside one of scenarios.