Weekly reviews

XAUUSD technical outlook

XAUUSD

Weekly chart:

Last week a bearish inside bar was formed at the tip of upswing and it might be a sell signal and a start of new corrective downswing, correspondingly. However, the way this inside bar was closed should be admitted as not too convincing. Therefore, we can draw a conclusion that either decline will have poor dynamics or market will spent some extra time to form a more distinct setup for correction.

Conclusions:

So, gold quotes can be corrected to the 1293.00-1295.00 region.

Trading recommendations:

Looking for local confirming sell signals.