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XAUUSD market technical outlook

Daily chart:

Upswing started despite another renewal of local lows. Markets apparently needs a pullback, which can head in direction of the pivot-level 1546.82. 

H1-chart:

Local structure doesn’t have a steady trend. Right now a development of upswing goes in direction of resistance levels 1519.39-1522.51 and 1553.56. Downward movement might start from each of these zones in direction of support level 1486.71.

Conclusions:

Main scenario: Growth to 1553.56.

Alternative scenario: Touch of 1519.39-1522.51 and then decline to 1486.71.

Trading recommendations:

  1. Longs to 1519.39-1522.51 and 1553.56. 

  2. Seeking local sell signals at 1519.39-1522.51 and 1553.56.

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