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XAUUSD market technical outlook

Daily chart:

Corrective downswing of gold is fully completed, therefore despite the absence of any direct long-signal we can expect new upward reversal at any moment.

Key support now resides at the area of last local low (1563.16): we can consider downward reversal of the trend in case this level is broken.

H1-chart:

Local structure has signs of downward reversal, however bears have a very strong and stiff support zone 1570.40-1571.04 on the way. Bulls will keep high odds for upward start in direction 1582.79 while this zone is unbroken (see the black arrow).

If sellers pierce 1570.40-1571.04, gold might slump toward 1563.16.

Conclusions:

Main scenario: Upward bounce off 1570.40-1571.04 in direction 1582.79.

Alternative scenario: Break of support 1570.40-1571.04 and further drop of the quotes to the 1563.16 region.

Trading recommendations:

  1. Above 1570.40-1571.04 - longs to 1582.79.

  2. Below 1570.40-1571.04 - shorts to 1563.16.

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