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XAUUSD market technical outlook

Daily chart:

Gold opened the week with upward gap. It’s almost overlapped, therefore growth can be resumed at any moment.

In case of correction extension optimal zone for long trades appears to be PPZ 1560.00-1565.00 (yellow zone).

H1-chart:

Local upward structure doesn’t raise any questions and doubts and moreover corrective swing is fully completed already. Right now pivot level 1575.64 is being tested, from where buyers might actively buy out the asset again (see the black arrow). If support 1575.64 proves broken, downward correction can quite reach the 1567.67 level, which can be regarded the utmost depth for pullback at this stage.

Conclusions:

Main scenario: Upward reversal from 1575.64 and movement toward 1590.00.

Alternative scenario: Break of support 1575.64 and continuation of downward correction toward 1567.67.

Trading recommendations:

Seeking for local buy signals at 1575.64 and 1567.67.

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