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XAUUSD market technical outlook

Daily chart:

Gold market remains bracketed between strong levels (support 1818.17-1831.06 and resistance 1857.06-1875.33). Friday showed that the asset is being actively sold from the upper boundary of the range, therefore probable upward break to the psychological level 1900.00 (red arrow) is in big question. Much more likely event appears forming of new downswing to the lower wall of the range (1818.17-1831.06, black arrow).

 

H1-chart:

Uptrend is being formed within the local structure. Moreover bull swing remains incomplete so far. This makes highly likely a renewal of the high before reversal to a new correction. Support for uptrend will be the penultimate broken high (1863.73).

Conclusions:

Main scenario: Growth to 1875.33-1876.00 followed by decline to 1863.73 and after that growth might resume.

Alternative scenario: Break and settling above 1875.33 might provide the bulls with potential for growth to 1900.00-1906.50.

Trading recommendations:

  1. Longs to 1875.33-1876.00.

  2. Shorts from 1875.33-1876.00 to 1863.73.

  3. New longs from 1863.73 to 1900.00-1906.50 (in medium term).

Latest news

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2021-02-01 11:29:44

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