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XAUUSD market technical outlook

Daily chart:

Solid buy signal was formed by the end of yesterday’s trading session - bullish inside bar at the tip of downswing. Let’s note that mid-term trend is not upward already, therefore buyers so far can reckon just on corrective growth of gold. Probable target of temporary recovery of the quotes is resistance level 1720.78.

H1-chart:

Corrective downswing is completed, therefore bulls can start to buy gold directly from current levels. In order to confirm local uptrend they need to break the recent structure’s high (1703.83).

Conclusions:

So, we expect growth to 1703.78 with aim at 1710.00 and 1720.78.

Trading recommendations:

Longs to 1703.78, 1710.00, 1720.78.

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