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XAUUSD market technical outlook

Daily chart:

Yesterday the bulls broke a consolidation to the upside having confirmed an overall uptrend for gold by that. Today an upward correction will be in progress, but buyers probably will use it for new long trades that will drive to a new phase of growth.

Expected demand zone today is PPZ 1906.00-1907.00. It’s obvious that the next target of bulls will be renewal of the local highs (i.e. growth above resistance 1931.00-1933.00).

H1-chart:

Local structure lost upward dynamics, therefore a downward correction might be longer. Thus a trading tactics today might be the search of buy signals at support zones 1907.80-1910.58 and 1898.00-1900.00. The quotes might spike from each of these zones. At the same time it’s hard to expect the asset above the resistance 1920.12-1922.54 today.

Conclusions:

Main scenario: Upward bounce off 1907.80-1910.58 to 1920.12-1922.54.

Alternative scenario: Decline to 1898.00-1900.00, the growth in direction 1920.12-1922.54.

Trading recommendations:

Longs from 1907.80-1910.58 and 1898.00-1900.00 to 1920.12-1922.54.

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