Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Gold is just $20 shy of the historical high of $2000 for an ounce. And most likely today this round figure will remain a “magnet” for the market as well.

After a slight downward pullback today we can again consider long trades. 

H1-chart:

We can note a preferable area for long trades within local structure - 1930.89-1933.00.  It’s from this zone we can expect a new bullish swing in direction of the recent structure’s peak (1980.87).

Conclusions:

Decline to 1930.89-1933.00 and then growth in direction 1980.87-2000.00.

Trading recommendations:

Longs from 1930.89-1933.00 to 1980.87-2000.00.