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XAUUSD market technical outlook

Daily chart:

Gold, as we supposed, has tested the 1902.42-1910.88 area yesterday having got a bearish close of the day then. This can quite be a signal of upward correction ending and downward reversal of the market (black trajectory).

However we won’t rule out an option with a breakout of gold above 1910.88 on the back of alleviation of the american dollar against the majors. In this case we’ll get the prospects of recovery of the asset to 1961.69-1973.32 (blue scenario on the chart).

H1-chart:

Yesterday bears were very active at the area of psychological resistance 1899.00-1901.95 (round level 1900.00). Thus today we also can expect quite massive limit sell-offs from this zone. This substantially lowers a possibility of break above this zone.

Conclusions:

So, we expect growth of the quotes to 1899.00-1901.95, then a downward reversal in direction 1890.00 and 1885.00.

Trading recommendations:

  1. Longs to 1899.00-1901.95.

  2. Shorts from 1899.00-1901.95 in direction 1890.00 and 1885.00.

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