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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.

H1-chart:

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.

Conclusions:

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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