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XAUUSD market technical outlook

Daily chart:

Downswing has started. It has the tone of correction, therefore supposedly it doesn’t have good prospects for development.

Nevertheless the target at 1459.00 is a live option for bears.

H1-chart:

Bullish pattern “Double bottom” is formed at support zone 1471.04 suggesting high probability of upward movement to resistance area 1477.83-1478.24, where we might again consider short-trades to support zone 1472.44-1472.69 (watch the red trajectory).

Conclusions:

Growth to 1477.83-1478.24 and then decline to 1472.44-1472.69.

Trading recommendations:

  1. Longs to 1477.83-1478.24.

  2. Shorts from 1477.83-1478.24 to 1472.44-1472.69.

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