XAUUSD market technical outlook

Daily chart:

Upswing which was needed by the downward structure was fully completed in 1,5 days. This will substantially simplify further decline of the gold quotes.

Though we won’t make haste - there is still a chance for extension of upward correction in direction of the pivot-zone 1902.42-1910.88, where we would expect massive sell-offs.

H1-chart:

Local corrective downswing is formed, therefore growth of gold might be resumed from current levels. As we type this report an alternative (red) scenario is virtually cancelled as a bullish inside bar is half-formed, which may become a buy signal in direction 1902.42-1910.88.

Conclusions:

Growth in direction 1902.42-1910.88.

Trading recommendations:

1. Longs to 1902.42-1910.88.

2. Shorts from 1902.42-1910.88.