Technical analytics

XAUUSD market technical outlook


 Daily chart:

Gold undergoes the stage of corrective upswing forming. But given that any direct signal for growth is absent, a probable scenario will be flat in the 1493.35-1516.35 range.


Local structure doesn’t have steady trend, but it has formed upswing. Thus further growth without full-scale corrective swing is unlikely. Traders can again buy out gold at the strong support zone 1498.14-1500.64 in direction 1511.70.


Decline towards 1498.14-1500.64 and then bounce towards 1511.70.

Trading recommendations:

  1. Longs from 1498.14-1500.64 to 1511.70.

  2. Shorts from 1511.70 to 1498.14-1500.64.

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