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XAUUSD market technical outlook

Daily chart:

Friday was closed with a very mighty bullish inside bar suggesting probable preparation of upward break. But we can consider such a scenario only after break and settling above the resistance zone 1961.69-1976.30. In this case market might get a momentum in direction 2015.31 (black arrow).

While the 1961.69-1976 zone remains protected a more likely scenario appears a downward pullback of the quotes in direction of support zone 1902.42-1910.88 (blue arrow).


Local structure has a reversal pattern “Double high” that may facilitate a downward reversal. Key resistance is 1976.30. And probable targets of correction are 1954.77 and 1931.00-1932.00. Growth of the quotes might be resumed from each of them (black and blue trajectories).


Main scenario: Pullback to 1954.77, then new attempt of break of 1976.30.

Alternative scenario: Deeper correction in direction 1931.00-1932.00.

Trading recommendations:

Seeking local buy signals at 1954.77 and 1931.00-1932.00.

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