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XAUUSD market technical outlook

Daily chart:

Gold broke resistance level 1593.52 yesterday having stabilized above the psychological level of $1600 for a troy ounce. However as we see there is one more brutal resistance at the last peak. Will buyers break it? It’s a question of the day.

H1-chart:

Local upward structure is in a trend phase. But it’s bad for bulls because amplitude of growth is quite big already and it’s easier to break resistance when market has enough fuel, which can be gained only in correction. Thus a prevailing scenario today is downward bounce off 1610.95.

Conclusions:

Main scenario: Growth to 1610.95 and then downward reversal to 1600.00.

Alternative scenario: Break above 1610.95 and further growth of the quotes in direction 1620.00-1625.00.

Trading recommendations:

  1. Longs to 1610.95.

  2. Shorts from 1610.95 to 1600.00.

  3. Seeking for local buy signals after ending of downward correction.

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