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XAUUSD market technical outlook

Daily chart:

Corrective downswing is completed allowing to look for possible local demand at 1630.00.

However, direct signals for upward reversal weren’t formed yet, therefore there is an equal probability of downward correction extension in direction 1588.42-1593.52 (blue arrow).

H1-chart:

Within local structure gold has a tangible support at 1630.22-1632.54 that today might allow the quotes to recover to 1650.00. Such scenario prevails now.

Conclusions:

Growth to 1650.00.

Trading recommendations:

Longs to 1650.00.

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