XAUUSD market technical outlook

2021-02-03 08:35:48

Daily chart:

The sellers within a single session managed to work off all visible potential of the movement as a part of bearish inside-bar execution having reached support zone 1829.02-1831.06. From here a new upward pullback of the market in direction of resistance level 1875.33 might take place.

H1-chart:

Local structure has abnormally big downswing, but at the same time it doesn’t have a steady downtrend. The bears probably won’t be able to pass support zone 1833.81-1834.77 today that may increase the number of those who are willing to buy gold in direction of resistances 1845.12 and 1863.60.

Conclusions:

Main scenario: Downward pullback to 1833.81-1834.77 followed by growth in direction 1844.59-1845.12 with aim at 1863.60.

Alternative scenario: Break of support 1833.81-1834.77 and decline in direction 1810.00-1815.00.

Trading recommendations:

Longs from 1833.81-1834.77 to 1845.12 and 1863.60.

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