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XAUUSD market technical outlook

Daily chart:

Gold continues to close above the 1485.00 level, where we have a solid mid-term support zone. This indicates, that further trending downward movement will be complicated and market consequently will have to choose a scenario of corrective upswing development before continuation of decline.

H1-chart:

Local structure has visible bullish momentum, therefore after completion of consolidation in the range of last swing (1487.74-1492.92) we can expect new upward momentum above the psychological mark 1500.00.

Conclusions:

Main scenario: Growth above 1500.00.

Alternative scenario: Flat in the 1487.74-1492.92 range.

Trading recommendations:

Longs from 1490.00 to 1500.00 and higher.

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