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XAUUSD market technical outlook

Daily chart:

Upswing kicked off, that can be treated as a successful start of execution of a bullish pinbar at the tip of the latest downswing. The closest target of bulls is the strong resistance zone 1918.58-1920.00.


One more significant local resistance zone is 1910.05-1911.00. When it comes to its testing, upswing will be completed already that might trigger a downward correction before resumption of growth (black trajectory).


Main scenario: Growth in direction 1918.58-1920.00.

Alternative scenario: Cut of growth at 1910.05-1911.00 and downward correction in direction 1905.00-1907.00.

Trading recommendations:

Longs to 1918.58-1920.00.


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