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XAUUSD market technical outlook

Daily chart:

Upswing is completed, but bears will still have the temptation to enter from the round level 1900.00, therefore its testing is likely. In general the wide pivot-zone 1902.42-1910.88 will be of interest, where traders most likely will sell out gold.  


Within local structure corrective downswing is testing the pivot-level 1886.00, where we can consider short-term longs in direction 1902.42-1910.88. After reaching this zone we can steeply switch to shorts reckoning on a downward reversal of the market and decline to 1875.00 and lower.


Growth from 1886.00 to 1902.42-1910.88, then a steep drop of the quotes in direction 1875.00 and 1850.00.

Trading recommendations:

  1. Longs from 1886.00 to 1902.42-1910.88.

  2. Shorts from 1902.42-1910.88 to 1875.00 and 1850.00.

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