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XAUUSD market technical outlook

Daily chart:

Gold extended growth having kept uptrend. However some questions might arise at the resistance zone 1680.49-1688.60, which quite can trigger corrective movement in direction of dynamic support 1645.00.


Local upward structure develops corrective downswing. Should 1667.00 level be broken, a bearish reversal pattern Over&Under will be formed with recommended sell entry point 1677.00. Such scenario appears very realistic.


Decline to 1660, then upward pullback to 1677.00 and after that gold will continue correction in direction 1652.00.

Trading recommendations:

  1. Longs from 1660.00 to 1677.00.

  2. Shorts from 1677.00 to 1652.02.

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