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XAUUSD market technical outlook

Daily chart:

Yesterday a bullish reversal bar was formed at the tip of downswing, which by a stretch of the imagination can even be called a pinbar. Thus there are big odds for the start of new upswing in direction of the last peak (1746.24).

H1-chart:

Local upward structure has an already completed upswing that might aggravate a break of the psychological level 1700.00. Thus it’s a key level and important for further development of uptrend.

Conclusions:

Main scenario: Break above 1700.00 and extension of growth in direction 1746.24.

Alternative scenario: Downward bounce off 1700.00 in direction 1490.00 and 1485.00.

Trading recommendations:

Longs to 1700.00 and 1746.24.

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