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XAUUSD market technical outlook

Daily chart:

Scenario with drop of the quotes from the resistance zone 1918.00-1920.00 panned out. Moreover the market fully completed the bearish swing having tested support zone 1862.90-1872.08. This opens opportunities for development of upward correction to PPZ 1902.42-1906.74.

Though we need to understand that there was no direct signal for the start of pullback, therefore nothing hinders gold to drop further to 1848.48.


As well as with the GBPUSD pair, downward reversal of gold took place via bearish pattern O&U. This makes possible a pullback of the price to the penultimate high (1918.49-1920.44 region), where the main mid-term offer zone resides now (red arrow).

Key resistance zone today will be the PPZ 1886.71-1889.53: we would consider forming a corrective swing only in case of growth above this zone. Otherwise decline of the quotes will be continued (black trajectory).


Main scenario: Testing of 1886.71-1889.53, then decline in direction 1872.65, 1860.00 with aim at 1848.48.

Alternative scenario: Break above 1886.71-1889.53 will result in recovery of gold in direction 1900.00 and 1918.00-1920.00.

Trading recommendations:

  1. Below 1886.71-1889.53 - shorts to 1872.65, 1860.00, 1848.48.

  2. Above 1886.71-1889.53 - longs to 1900.00, 1918.00-1920.00.

  3. Limit sell orders to 1918.00-1920.00.

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