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XAUUSD market technical outlook

Daily chart:

Downswing got bearish close yesterday suggesting bearish potential is still in place. Nevertheless, upward bounce off the support level 1451.01 was impressive, therefore we can’t rule out that we see a start of accumulation of bullish mid-term positions and potentially nascent upswing respectively (black trajectory). 

H1-chart:

As we see local structure doesn;t have a completed corrective upswing so far. Therefore it’s going to be interesting to today to monitor how gold will behave itself with respect to the range between support 1450.83 and resistance 1519.00-1520.00. Break of any direction most likely will indicate further direction of the market. Though we can’t rule out a flat between these levels that would bring benefits to buyers.

Conclusions:

We expect intensive trading in the 1450.83-1520.00 range and then a probable break in any direction.

Trading recommendations:

Seeking local signals to both sides inside the 1450.83-1520.00 range.

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