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XAUUSD market technical outlook

Daily chart:

Previous day was closed by false downward break of bullish inside bar. This explicitly points that upward potential of the market is still in place. Despite tangible overbought conditions gold most likely will test the 2000.00 mark.

H1-chart:

Within local structure there is a very strong resistance zone, which can interfere with development of upswing - it’s the area of the recent high 1980.39-1980.87. It’s quite likely that we’ll see one more intermediate corrective downswing from this zone in direction 1939.35-1944.69 (black trajectory).

Break of resistance zone 1980.39-1980.87 would be a signal for direct movement to 2000.00 respectively (red arrow). 

Conclusions:

Main scenario: Break of resistance 1980.39-1980.87 and further growth to 2000.00.

Alternative scenario: Downward bounce off resistance 1980.39-1980.87, development of downswing to 1939.35-1944.69, where growth of the quotes will be resumed.

Trading recommendations:

  1. Above 1980.39-1980.87 - longs to 1990.00 and 2000.00.

  2. In case an alternative scenario pans out - shorts to 1939.35-1944.69.

  3. Longs from 1939.35-1944.69.

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