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XAUUSD market technical outlook

Daily chart:

Upswing is testing very strong resistance zone 1737.39-1746.27 now, where buyers can cash out and trigger corrective downward reversal (red trajectory). However market might get impulse dynamics for further growth in direction of long-term resistance 1764.65 (black arrow) if it manages to break such strong zone.

H1-chart:

Massive local upswing doesn’t allow bulls to reckon on break of 1746.27. It looks like we’ll get a long awaited downward pullback from this level in direction of pivots 1738.00-1740.00. 1733.00-1735.00, 1726.62.

Buyers can regain control at each of these PPZ.

Conclusions:

So, we expect touch of 1746.27 and following decline in direction 1738.00-1740.00, 1733.00-1735.00 and perhaps 1726.62.

Trading recommendations:

  1. Longs to 1746.27.

  2. Shorts from 1746.27 to 1738.00-1740, 1733.00-1735.00 and 1726.62.

  3. Seeking local buy signals at 1738.00-1740.00, 1733.00-1735.00, 1726.62.

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