Weekly reviews

XAUUSD market technical outlook

XAUUSD

Daily chart:

Bulls posted the new high, but failed to continue pressure and “loosed” the market into correction. Now the critical depth of downward pullback is the area of the last low 1196.49, below it an attempt of trend upward reversal will be neutralized. Thus we can expect decline in direction of this support and activation of buyers afterwards.


Conclusions:

Decline in direction of the 1215.00 and 1200.00 levels.

Trading recommendations:

Shorts in direction 1215.00 and 1200.00.