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XAUUSD market technical outlook

Daily chart:

Upswing retains a potential for further growth of the gold’s quotes so far, but there is a very strong and stiff resistance zone 1916.22-1921.00 ahead, where buyers might lock in profits and limit orders of sellers might start to work off. Thus we can expect a start of new downswing from this zone.

H1-chart:

Local structure has typical consecutive lower highs that is inherent to downtrend. Thus we can’t rule out a downward reversal even from current levels in direction of supports 1892.92 and 1882.78.

Conclusions:

Main scenario: Decline from current levels in direction 1892.92 and 1882.78.

Alternative scenario: Extension of growth to 1916.22-1912.00, then downward reversal and start of new downswing in direction 1892.92 and 1882.78.

Trading recommendations:

Shorts from 1910.00-1911.00 and 1916.22-1921.00 in direction 1892.92 and 1882.78.

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