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XAUUSD market technical outlook


Daily chart:

Gold market structure remains downward. Given the fact, that upswing is fully completed and also high probability of bearish pin forming at the tip of this swing, we should regard 1516.23-1519.17 as key resistance zone.

The main scenario would be continuation of decline if it’s not broken. Otherwise gold might recover towards 1534.43.


H1-chart:

Local structure on the contrary has kept upward tone having got bullish pin at the tip of corrective swing! It’s a buy signal. Thus there is a high probability of gold’s growth in direction of the last structure’s high (1516.50).

Conclusions:

Growth in direction 1516.50 with aim at 1534.43.

Trading recommendations:

Longs towards 1516.50 and 1534.43.

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