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XAUUSD market technical outlook

Daily chart:

Bullish pinbar might be formed at the tip of corrective downswing by the end of today’s session. The presence of a good support zone 1872.08-1881.84 gives additional potential strength to this setup.

If the day closes the way we see now, traders will get an important midterm buy signal in direction of the resistance zone 1923.25-1932.93.

H1-chart:

Local downward structure so far doesn’t have a corrective upswing that also will facilitate recovery of gold in direction of the pivot-zone 1910.00, where the latest broken low resides. Potential buy area is 1890.00-1893.00.

Conclusions:

Main scenario: testing of 1890.00-1893.00 and following growth to 1910.00.

Alternative scenario: Decline under support 1890.00-1893.00 and attempt of renewing yesterday’s low (1882.20).

Trading recommendations:

Longs from 1890.00-1893.00 to 1910.00.

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