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XAUUSD market technical outlook

Daily chart:

Bearish inside bar might be potentially formed at the area of long-term resistance 1610.88-1612.49. If today’s session is closed this way, traders will get a solid sell signal for tomorrow.

However we have to note that such scenario is in big question due to renewal of the high during yesterday’s session. 

H1-chart:

As we type this report it’s still unclear whether buyers will be able to close current hourly bar with bullish pin. In such case the structure would retain its bullish status with chances to break the last high (black arrow).

Key support zone now is 1602.00-1603.50: its break would confirm weakness of buyers triggering reversal of local uptrend to the downside (red arrow).

Conclusions:

Main scenario: Break of 1612.49 and growth to 1620.00-1625.00.

Alternative scenario: Forming of bearish inside bar (i.e trading inside yesterday’s range 1599.10-1612.45).

Trading recommendations:

Seeking for confirming signals for either scenario on H1-chart.

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