Technical analytics

XAUUSD market technical outlook

XAUUSD

Daily chart:

Bullish inside bar is formed at the tip of upswing. It’s not a self-acting signal of growth extension, but in general it suggest upward potential is still in place. It looks like buyers won’t let the gold go until the asset tests the magic zone 2000.00.

We can consider long trades from 1932.00-1933.00.

H1-chart:

Local upward structure has fully formed downward correction. Thus growth may be resumed from current levels directly (1951.00-1959.00 area).

Conclusions:

Trading in the 1951.00-1959.00 range and then resumption of growth in direction 2000.00.

Trading recommendations:

Longs from 1951.00-1959.00 to 2000.00.