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XAUUSD market technical outlook

Daily chart:

Upswing is completed, therefore testing of the strong pivot-zone 1894.47-1898.53 may drive to a downward reversal and decline of the quotes in direction of the support zone 1872.08-1881.84 (red arrow).

However such assumption isn’t supported by a direct short-setup so far, therefore we can’t rule out further growth as well. In case the price settles above 1900.00, we would expect an extension of correction in direction 1918.58-1922.00 (black arrow).

H1-chart:

Local structure of the gold market is trending up, therefore after a completion of corrective downswing we can expect an attempt of advancement to new highs. A promising offer zone appears 1884.72-1889.41, where the two latest broken highs reside. In turn, a break of this zone will signify a probable exhaustion of buyers and drop of the quotes by $20-25 shortly.

Conclusions:

Main scenario: Upward bounce off 1884.72-1889.41 and further growth in direction 1918.58-1922.00.

Alternative scenario: Settling of the price below 1884.72-1889.41 will put the quotes down to 1865.00-1869.00.

Trading recommendations:

  1. Longs from 1884.72-1889.41 to 1918.58-1922.00.

  2. Shorts below 1884.72-1889.41 in direction 1865.00-1869.00.

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