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XAUUSD market technical outlook

Daily chart:

Upswing was triggered predictably and now there are all premises for break of the “round” level 1500.00 and reach of pivot 1516.39-1519.17 by gold.

H1-chart:

Local structure looks heavy. It’s going to be hard to break 1500.00-1500.64 zone without full-scale correction. 

Thus we can expect a pullback in direction of PPZ 1494.57-1495.47, from where in turn we might consider longs in direction 1508.00 and 1517.66.

Conclusions:

Main scenario: Growth to the 1500.00-1500.64 zone, then pullback to the 1494.57-1495.47 region and after that growth will be resumed.

Alternative scenario: Break above 1500.64 and direct growth towards 1508.00 and 1517.66.

Trading recommendations:

  1. Shorts from 1500.00-1500.64 to 1494.57-1495.47.

  2. Longs from 1494.57-1495.47 to 1508.00-1517.64.

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