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XAUUSD market technical outlook

Daily chart:

Bulls broke resistance 1764.02 yesterday signifying that market is poised for further mid-term rally in direction 1800.00. However oftentimes we get forming of prior corrective swing after posting new highs. Thus in case of decline under 1764.02 the rest of the week can pass as a pullback in direction of the pivot-zone 1737.82-1743.45 (blue scenario).

H1-chart:

A new potential trending upswing is being formed within local structure at this moment. Thus it’s going to be easy for us to define a real bullish potential with respect to support 1764.02-1765.71: the market either will get the movement to a new peak or it will lack such power and the structure will shift to forming of corrective movement (blue arrow).

Conclusions:

Main scenario: Growth in direction 1775.00-1780.00.

Alternative scenario: Decline under 1764.02 with following development of downswing in direction 1750.00.

Trading recommendations:

  1. Longs with count on upward movement to 1775.00-1780.00.

  2. In case of losing support at 1764.02 - shorts to 1750.00. 

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