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XAUUSD market technical outlook

Daily chart:

Bulls broke mid-term resistance zone 1689.36-1702.58 in a good style providing themselves with an opportunity for further growth of the quotes after retest of the broken zone (black trajectory).

At the same time upswing is too big that might require a deeper correction.


Forming of corrective downswing is over on the local chart, therefore growth of the quotes may take place from current level.


Main scenario: Growth in direction 1730.00-1740.00.

Alternative scenario: Extension of downward correction in direction 1689.36-1702.58 with following upward reversal.

Trading recommendations:

Longs in direction 1730.00-1740.00.

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