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XAUUSD market technical outlook

Daily chart:
Bulls are unstoppable! Gold grows without correction and the last local high 1486.72 is going to be tested shortly. If this resistance is broken the quotes might spike by another 10-15 dollars today towards 1495-1500 for a troy ounce.


We have to admit after all, that scenario with downward reversal looks more likely: the last upswing has very big scale and the structure doesn’t possess all attributes of uptrend - two last supports in a row have been already broken.


So, we expect touch of 1486.72 and following downward reversal in direction of 1480.66-1481.26.

Trading recommendations:

Shorts from 1486.72 to 1480.66-1481.26.

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