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XAUUSD market technical outlook

Daily chart:

Gold still has the energy for upward movement in direction of mid-term resistance at 1689.36-1702.58. But we can get a prior testing of 8-day EMA, which now resides at the mark of $1628 for a troy ounce.

H1-chart:

Local upward structure is forming trending swing. But we should acknowledge that its development is weird and dynamics is dampened. If bulls fail to pass the last high at 1677.00, the quotes might fall to support zone 1619.12-1621.46 (black trajectory).

Conclusions:

Main scenario: Extension of growth in direction 1677.00 and 1700.00.

Alternative scenario: Decline to 1619.12-1621.46.

Trading recommendations:

  1. Longs in direction 1677.00 and 1700.00.

  2. Shorts to 1619.12-1621.46 (in case of getting confirming signals on H1-chart).

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