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XAUUSD market technical outlook

Daily chart:

Close in the shape of bearish inside bar on Friday may let market to retrace in direction of the pivot-zone 1588.42-1593.52, where we have the dynamic support level from 8-day EMA.

H1-chart:

We note strong local support levels (1610.50 and 1594.00) and resistance level 1637.00. It looks like today we’ll get mixed price action between these levels.

Conclusions:

Main scenario: Growth from 1610.50 to 1637.00 and then downward reversal in direction 1594.00.

Alternative scenario: Break of support 1610.50 and decline to 1594.00.

Trading recommendations:

  1. Longs from 1610.50 to 1637.00.

  2. Shorts from 1637.00 to 1594.00.

  3. Shorts with count on break of 1610.50 to 1594.00.

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