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XAUUSD market technical outlook

Daily chart:

Forming of upswing is in progress. Market shows no signs of bullish weakness so far, therefore most likely we’ll see further growth of the quotes in direction of the closest local pivot-zone 1580.00-1585.00.

H1-chart:

Local structure has already posted another high permitting downward pullback at this moment. Thus trading tactics for today might be longs after completion of this pullback. Supposedly, the levels, where gold might be demanded, are 1557.20-1558.02 and 1554.00.

Each of them might trigger a steep upward bounce. 

Conclusions:

Main scenario: Decline to 1557.20-1558.02 and then new upswing with attempt to overcome resistance 1563.00. Target of bulls will be at 1580.00-1585.00.

Alternative scenario: Deeper correction towards 1554.00.

Trading recommendations:

  1. Shorts in direction 1557.00-1558.02 and 1554.00.

  2. Seeking for local buy signals at 1557.20-1558.02 and 1554.00.

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