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XAUUSD market technical outlook

Daily chart:

Bulls broke the psychologically important barrier of $1800 for a troy ounce having firmly settled above it. It looks like the asset will extend its growth and we should forget about correction so far. The closest potential targets for gold are 1825.00 and 1830.00. 

H1-chart:

Within local structure a “double high” is formed (a reversal pattern) that may facilitate short-term technical correction in direction of 1805.74 (black trajectory).

In case of break of this level, gold may test the pivot-zone 1797.00-1800.00 in an impulse mode. And most likely big limit buy orders are placed at this region (red scenario).

Conclusions:

Main scenario: Decline to 1805.74 and then extension of growth in direction 1825.00 and 1830.00.

Alternative scenario: Deeper pullback to 1797.00-1800.00 with following upward reversal.

Trading recommendations:

  1. Deliberate short-term shorts to 1805.74 and 1800.00.

  2. Longs from 1805.74 and 1797.00-1800.00.

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