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XAUUSD market technical outlook

Daily chart:

Forming of downswing went on, therefore now it’s reasonable to expect from bulls reaching mid-term resistance zone 1588.42-1592.52. In turn, a corrective swing might take place from this zone toward 1576.71 as the structure doesn’t have a steady bullish tone.

H1-chart:

Local upward structure already formed a full-scale corrective upswing, therefore from current levels we can get one upward start in direction 1588.42-1592.52.

Conclusions:

So, we expect growth to 1588.42-1592.52 and then downward reversal.

Trading recommendations:

  1. Longs to 1588.42-1592.52.

  2. Shorts from 1588.42-1592.52.

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