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XAUUSD market technical outlook
2021-02-02 08:43:51
Bearish inside bar at the upswing’s tip by the end of yesterday’s session signifies inability of the bulls to break resistance at 1875.33. Besides that this pattern is a stand-alone short-setup allowing to go short in direction of the support zone 1818.32-1831.06.
H1-chart:
A peculiarity of the local gold structure is a lengthy absence of full-fledged upswing that by far will constrain downward potential. Now the asset is traded above support 1850.35-1852.76 that will facilitate forming of upward pullback to 1863.58, where we can consider shorts (black trajectory).
In case support 1850.35-1852.76 gets broken, the price may slide to 1845.12 and 1841.62 followed by an upward reversal (red trajectory).
Conclusions:
Main scenario: Upward pullback to 1863.58 followed by decline in direction 1845.12 and 1841.62.
Alternative scenario: Decline from current levels to 1845.12 and 1841.62 followed by upward correction to 1850.35-1852.76.
Trading recommendations:
Shorts from 1863.58 to 1845.12 and 1841.62.
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