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XAUUSD market technical outlook

Daily chart:

Yesterday bulls managed to renew the high of bearish pinbar, which didn’t drive to the forming of full-fledged downswing after all. Thus we can expect a new attempt of downward reversal from the next resistance at 1985.00-1992.07.

H1-chart:

Upward break of local consolidation drove to quite intensive distribution, which might get exhausted. This allows to reckon on forming of an intermediate corrective downswing in direction of the pivot-zone 1951.36-1954.48. The main demand volume may reside right in this area.

Conclusions:

Main scenario: Touch of 1969.00-1970.00, then decline to 1951.36-1954.48 and after that growth will resume.

Alternative scenario: Extension of growth in direction 1985.00-1992.07 without prior correction.

Trading recommendations:

Longs to 1985.00-1992.07 (optimal entry point is 1951.36-1954.48).

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