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XAUUSD market technical outlook

Daily chart:

Despite the fact that buyers were unable to break bullish inside bar to the upside on Friday, a probability of upswing development will remain in place as this swing is still incomplete. Thus we expect growth of the quotes in direction of resistance at 1920.00-1932.93. At the moment the asset is adhered to the pivot 1902.42-1906 and we can’t rule out further flat in this zone.

H1-chart:

Quite arguable situation on the hourly chart. On one hand there is a trending upward dynamics from the senior time frame. On the other hand an active offer, provided by the bearish pattern Over&Under, might be faced at resistance 1910.38 (balck trajectory). Thus 1910.38-1913.63 is a key zone today. 

Conclusions:

Main scenario: Growth above 1910.38-1913.62 with further advance to 1920.00 and 1930.00.

Alternative scenario: Downward reversal from resistance 1910.38 and decline in direction 1890.00.

Trading recommendations:

  1. Above 1910.38-1913.62 - longs to 1920.00 and 1930.00.

  2. In case downward bounce off resistance 1910.38 is confirmed - shorts to 1890.00.

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