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XAUUSD market technical outlook

Daily chart:

Alas, but close of Friday’s trading session by bullish inside bar means little for buyers. Yes, uptrend doesn’t cast doubts, but market hardly will post new highs without a full-scale bearish swing. This means that at resistance level 1817.64 we might see dampening bulls and downward reversal again.


Local resistance zone capable to reverse gold to the downside is 1813.12-1814.52. Here we see an absence of directed trend, therefore there are no reasons for breaking above it as well.

Potential target for development of downswing will be support zone 1802.29-1802.77.


We expect a downward reversal in direction 1802.29-1802.77 after testing of 1813.12-1814.52.

Trading recommendations:

  1. Shorts from 1813.12-1814.52 to 1802.29-1802.77.

  2. Longs from 1802.29-1802.77.

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