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XAUUSD market technical outlook

Daily chart:

Development of upswing is in progress. It’s highly likely that bulls will test mid-term resistance zone 1689.36-1702.58 shortly, where cashing out might take place and, as a consequence, start of correction (black trajectory).

H1-chart:

Local structure has a very scaled upswing that probably will set the necessity of an intermediate corrective swing in direction 1450.00. Thus on hourly chart we can seek buy signals at 1450.00 with count on start of upward movement to 1689.36-1702.58.

Conclusions:

Main scenario: Pullback to 1450.00 and then growth in direction 1689.36-1702.58.

Alternative scenario: Direct growth in direction 1689.36-1702.58 from current levels and then downward reversal.

Trading recommendations:

  1. Longs from 1450.00 to 1689.36-1702.58.

  2. Shorts from 1689.36-1702.58.

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