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XAUUSD market technical outlook

Daily chart:

Market is moving upward without confirmed uptrend, therefore a halt may take place at any moment. Right now gold is getting ready to test resistance 1720.35. If it proves broken, we might get a recovery to the next strong level 1738.00 (black arrow).

If bulls fail to pass the 1720.35 barrier, a start of new downswing in direction 1700.00 and 1690.71 would be a reasonable option.

H1-chart:

Within local structure we can observe a very smooth upward bounce off the pivot-level 1710.00. Thus we can witness an attack of the last high (1718.72) and following attempt of breaking 1720.35.

Conclusions:

Main scenario: Growth to 1720.35 and further recovery of the quotes in direction 1738.00.

Alternative scenario: Touch of 1720.35 and following downward reversal in direction 1700.00.

Trading recommendations:

  1. Above 1720.35 - longs to 1738.00.

  2. Below 1720.35 - shorts to 1700.00.

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