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XAUUSD market technical outlook

Daily chart:

Growth of the gold quotes is in progress. Bulls scarcely will slow down before the psychologically important mark 1700.00. Though the size of current upswing of course makes us think of approaching correction.

H1-chart:

Local upward structure also has upswing of a very big scale without any signs of slowing or stopping. It’s obvious that market won’t be able to keep such steep trend for a long time. Therefore a start of downward correction from round level 1700.00 looks like a very viable scenario.

Conclusions:

Growth to 1700.00 and then downward reversal.

Trading recommendations:

  1. Longs to 1700.00.

  2. Shorts from 1700.00.

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