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XAUUSD market technical outlook

Daily chart:

Upswing reached resistance zone 1894.47-1898.73, where there will be risks of getting daily bearish pinbar (in case the bulls fail to overcome this roadblock). In this case we would consider upward correction of gold concluded.

However  such an assumption can be confirmed only after the daily bar close, therefore it’s better to stick to the scenario of growth extension in direction of the next resistance 1918.58-1921.00 (black arrow).

H1-chart:

Local structure keeps upward tone and forms corrective downward movement. Optimal depth of pullback is the closest structure’s low (1884.23), where buyers might regain control again (black trajectory).

In case this zone gets broken, the market can slip lower to 1872.24 (red arrow).

Conclusions:

Main scenario: Decline to 1884.23, then growth to 1900.00.

Alternative scenario: Pullback of the quotes to 1872.24 and forming of downward reversal by the end of the day.

Trading recommendations:

  1. Seeking probable buy signals at 1884.23.

  2. Shorts, reckoning on break of 1884.23 to 1872.24.

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