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XAUUSD market technical outlook

Daily chart:

Another renewal of local low can be treated in two ways: as a sign of bullish trend completion with switch to a flat and as an attempt of bulls to build a bearish trap for extension of the quotes’ growth. With this regard, the closing of today’s session in relation to support zone 1891.25-1894.47 will be of high importance.

H1-chart:

Local structure so far doesn’t have a full-fledged upswing, therefore there are big odds for an upward correction from support 1894.39-1897.42 in direction of the resistance zone 1913.89-1915.00. Round level 1900.00 might also act as a solid resistance today.

Conclusions:

Main scenario: Growth to 1900.00, then new decline to 1891.00-1893.00.

Alternative scenario: Gold will reach 1913.89-1915.00 in case of break of the psychological resistance 1900.00.

Trading recommendations:

  1. Longs to 1900.00 and 1913.89-1915.00.

  2. Seeking probable local sell signals at 1900.00 and 1915.00.

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