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XAUUSD market technical outlook

Daily chart:

Upswing has incredibly big scale, therefore there are little chances to break resistance 1516.00: market definitely needs a pullback and bulls will want to lock in a part of good profit. 

H1-chart:

Local upward structure becomes heavier - it’s harder for buyers to post every new high. It’s quite coinciding with conclusions from the daily chart: we expect one more upward momentum to 1516.00 and then steep downward reversal in direction 1510.00.

Conclusions:

Growth of the quotes to the 1516.00 region and then reversal to 1510.00.

Trading recommendations:

  1. Longs to 1516.00.

  2. Shorts from 1516.00 to 1510.00.

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