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XAUUSD market technical outlook

Daily chart:

Gold continues to renew lows extending a massive mid-term downward correction. Market is clearly heading in direction of the round level 1800.00.


Local downward structure has a massive trending bearish swing with a pinbar at its tip. It’s a buy signal, therefore we can expect a short-term recovery of the quotes to PPZ 1882.72, where the recent broken low resides. Here, in turn, we could consider shorts reckoning on extension of decline to 1800.00.


Pullback to 1882.72, then resumption of decline in direction of the mid-term target 1800.00.

Trading recommendations:

  1. Longs to 1882.72.

  2. Shorts from 1882.72 to 1800.00 (in medium-term).

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