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XAUUSD market technical outlook

Daily chart:

As it was supposed, the bullish swing provided the market with a new local high, therefore we can expect further intensive upward distribution in direction of resistances 1933.00, 1950.00 with aim at 1973.23.


Local upward structure undergoes the stage of upward correction, which had a decline potential to the PPZ 1907.80. This area appears the best price for gold today. But at the time of writing correction was completed and the market again switched to a trending phase. Thus we consider long trades only.


Main scenario: Growth to 1933.00.

Alternative scenario: Upward momentum to 1950.00.

Trading recommendations:

Longs to 1933.00 and 1950.00.


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