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XAUUSD market technical outlook

Daily chart:

Upswing slowed down at 2015.00 that probably will let gold pull back to 1970.00-1980.00 (black trajectory).

Close of today’s session in the shape of bearish inside bar could become a signal of bullish movement completion and switching to a new mid-term correction (red arrow).

H1-chart:

Local structure tolerated a slight break of the low that can be a sign of reversal forming via O&U pattern. To cancel such setup bulls have to break the recent high (2015.28).

Conclusions:

Main scenario: Growth to 2020.00.

Alternative scenario: In case of failure to go above 2015.28 the asset will start to correct to 2000.00 with aim at 1970.00-1980.00.

Trading recommendations:

  1. Longs to 2020.00.

  2. Short-term shorts to 2000.00, 1980.00, 1970.00 (in case an alternative scenario pans out).

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