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XAUUSD market technical outlook

Daily chart:

So far gold is being traded below mid-term resistance zone 1516.18-1519.17 with high chances for forming of bearish inside bar by the end of today’s session, that would be a solid sell signal in direction of support zone 1480.70-1483.11 for the rest of the week.

H1-chart:

Local structure has signs of bullish accumulation, therefore we won’t be quick with conclusions. At this moment upswing is in progress, which will help bulls to keep control of the market in case of break above 1515.62.

We can consider downward reversal if buyers show weakness at resistance zone 1513.96-1514.52 (watch the red trajectory).

Conclusions:

Main scenario: Growth above 1515.62 in direction 1525.00-1530.00.

Alternative scenario: Downward bounce off the 1513.96-1514.52 zone and forming of bearish inside bar by the end of the day.

Trading recommendations:

  1. Longs towards 1525.00-1530.00.

  2. Shorts from 1513.96-1514.52 (in case of getting confirming signals).

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