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XAUUSD market technical outlook

Daily chart:

Corrective downswing is fully completed giving the opportunity for stop and pivot to new trending upswing. Moreover the asset has tested exponential moving average.

However if current zone is proved to be broken to the downside bears most likely will be able to rapidly reach pivot-zone 1516.00-1518.72 (watch the black arrow).

H1-chart:

Local structure performed downward reversal of the trend via bearish pattern Over&Under. Given that there is a bullish inside bar at the tip of downswing (marked with black arrow) we can expect upward movement in direction 1588.00, where we have mid-term sell entry point according to O&U.

Conclusions:

So, we expect growth to the 1588 region and afterwards gold will again reverse to the downside.

Trading recommendations:

  1. Longs to 1588.00.

  2. Shorts from 1588.00.

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