Technical analytics

XAUUSD market technical outlook

XAUUSD
Daily chart:

The yellow metal, correlating with the EURUSD pair, also is being traded inside the range of yesterday’s trading session. And if the day closes the same way, this would be a mighty signal for new sell-offs.

We shouldn’t rush to conclusions so far, since market still didn’t test the entry zone within bearish pattern Over&Under (1325.45).

H1-chart:

As we see, within local structure a bearish setup Over&Under is formed with sell entry point 1305.37 (penultimate low).


Conclusions:

So, we expect testing of the 1305.37 zone and then decline to the 1297.00-1300.00 area.

Trading recommendations:

Shorts from the 1305.37 level towards 1297.00-1300.00.