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XAUUSD market technical outlook

Daily chart:

Bulls were unable to post a new high yesterday that could be a sign of weakness. However the close so far doesn’t looks too perspective for bears as well.

Risk of a break above 1778.01 will remain in place, though we also can’t rule out a prior correction to PPZ 1764.00-1765.00. 

H1-chart:

Local consolidation in the 1765.00-1775.00 range is seemingly getting ready for upward break. If gold passes the 1775.50 level, an attack of resistance 1778.01 will be inevitable. It looks like bulls won’t slow down until they reach the round level 1800.00.

Conclusions:

Growth to 1780 with aim at 1785.00, 1790.00, 1800.00 (in medium term).

Trading recommendations:

Longs to 1780.00, 1785.00, 1790.00, 1800.00.

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