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XAUUSD market technical outlook

Daily chart:

Bearish pinbar was formed at the tip of upswing yesterday. It’s a solid short signal, therefore today we can expect a start of decline with aim at support levels 1547.16 and 1535.56.

H1-chart:

Local structure has downward reversal via bearish pattern Over&Under which implies sell entry from resistance zone 1574.72-1575.36. Thus we can expect growth of the quotes to this region and following steep reversal.

Conclusions:

Growth in direction 1574.72-1575.36 and then downward reversal with aim at 1547.16.

Trading recommendations:

  1. Longs to 1574.72-1575.36.

  2. Shorts from 1574.72-1575.36 to 1547.16.

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