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XAUUSD market technical outlook

XAUUSD market technical outlook
Daily chart:

As it was supposed bears have tested support area 1480.70-1483.11, that may cause upward bounce and as a consequence start of new upswing in direction of the last structure’s high (1516.39-1519.17 zone).

H1-chart:

Local structure has chaotic developments so far, but given that gold undergoes the stage of upswing building, we can assume that bulls will manage to test resistance levels 1492.84 and 1494.67.

Conclusions:

Main scenario: Growth in direction 1492.84 and 1494.67 and after that market will again retrace to the downside to 1489.00-1490.00.

Alternative scenario: Break towards 1500.00.

Trading recommendations:

Longs towards 1492.84, 1494.67, 1500.00.

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