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XAUUSD market technical outlook

Daily chart:

As we see, consolidation of the gold market was extended: already a second bullish inside bar was formed for the past three trading sessions (marked with yellow on the chart). Thus the asset looks quite poised for growth to resistance 1894.50 first and then to 1918.88-1921.00.

 

H1-chart:

Local upward structure so far doesn't have an intermediate corrective downswing. There was no direct signal for such correction so far, but a pullback to PPZ 1972.24 would be quite appropriate. Thus the 1872.24 level is the most attractive price for buying today.

 

Conclusions:

Main scenario: Pullback to 1872.24, then growth to 1883.50, 1894.50.

Alternative scenario: Direct growth to 1894.00 and 1900.00.

Trading recommendations:

Longs to 1894.00 and 1900.00. Optimal entry point is 1872.24.

 

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