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XAUUSD market technical outlook

Daily chart:

Gold market has supposedly reversed to the downside having reached yesterday support zone 1688.13-1692.91. At the same time close of the day was quite high that may suggest readiness for correction.

8 EMA now resides at 1714.00 and market may head in that direction today.


Forming of “double bottom” pattern is possible at the area of local support 1688.66. In this case growth in direction 1710.00-1714.00 will be confirmed.

If support 1688.66 proves broken, bears will be able to extend downtrend.


Main scenario: Touch of 1688.66 and then upward reversal in direction 1710.00-1714.00.

Alternative scenario: Extension of decline to 1680.00.

Trading recommendations:

  1. Seeking probable buy signals at 1688.66 with target at 1710.00-1714.00.

  2. Shorts with count on break of 1688.66 to 1680.00.

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