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XAUUSD market technical outlook

Daily chart:

Insanely long upswing approaches the long-term resistance zone 1973.22, where due to overbought conditions a downward reversal will be highly likely. Supposed mid-term target of correction will be 1931.20-1932.93.

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H1-chart:

Local upward structure got a bearish pinbar at its top that may let the market correct the price to 1952.00-1953.00. Then, we would again consider long trades in direction 1973.22.

Conclusions:

Main scenario: Decline to 1952.00-1953.00, then growth to 1973.00.

Alternative scenario: Growth to 1973.22 without prior correction. Downward reversal afterwards.

Trading recommendations:

  1. Longs from 1952.00-1953.00 to 1973.22.

  2. Shorts from 1973.22.

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