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XAUUSD market technical outlook

Daily chart:

Bulls very confidently broke the barrier at 1610.00-1612.00 and now they virtually have no obstacles for further growth of the gold’s quotes to 1560.00 and 1700.00.

H1-chart:

Local upward structure has a very long trending swing that probably will trigger a development of correction from 1650.00 as market apparently will be in need of fuel for extension of such a bold uptrend.

Conclusions:

So, we expect testing of 1650.00 and afterwards a development of downward correction of $10-15.

Trading recommendations:

Longs to 1650.00 and 1700.00 (in medium-term).

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