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XAUUSD market technical outlook

Daily chart:

Bulls have prepared a good launchpad for forming of corrective upswing on Friday. But gold looks bracketed between support zone 1465.00-1470.00 and resistance 1500.00-1507.00, where the market most likely will stay today.

H1-chart:

We note two very perspective support zones, where we can consider long trades. These are 1479.14-1486.71 and 1463.64-1465.36. The next upswing may reach the 1515.66 level.

Conclusions:

Main scenario: Touch of 1479.14-1486.71 and then growth in direction 1500.00-1507.00 with aim at 1515.66.

Alternative scenario: Decline to 1463.64-1465.36 and then steep upward reversal in direction 1500.00-1507.00.

Trading recommendations:

Seeking local buy signals at 1479.14-1486.71 and 1463.64-1465.36.

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