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XAUUSD market technical outlook

Daily chart:

So, downswing is, supposedly, accomplished: a pinbar was formed yesterday after testing of 1690.71. Such signal at the tip of the swing is quite a solid long-setup and it can be seen that it triggered the movement already.

Thus we can expect further growth of the quotes in direction of resistance zone 1737.39-1747.27.


Local structure has bullish reversal pattern Over&Under with buy entry point from the penultimate low (1708.27). Given the bearish pinbar at the tip of upswing, right now we can expect a development of downward pullback to 1708.27. We might open long trades from this level reckoning on momentum to 1725.00 and 1728.25.


Decline to 1708.27 and then upward reversal to 1725.00 and 1728.25.

Trading recommendations:

  1. Shorts to 1708.27.

  2. Longs from 1708.27 to 1725.00 and 1728.25.

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