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XAUUSD market technical outlook

Daily chart:

Forming of corrective upswing is in progress, which development potential resides at 1881.84 and 1894.47-1898.73. Also we need to keep in mind that bears didn’t get a new low earlier, therefore bulls have good chances for a breakout and settling above the psychological level 1900.00.

H1-chart:

Local structure also has attributes of upward reversal: the latest low resides above the absolute local trough, then a break of the closest high 1869.51 has been performed. We would consider long trades during retest of this zone today holding positions in direction 1882.82-1886.09 and 1892.08-1893.12.

Conclusions:

Main scenario: Downward pullback to 1869.51 and then growth in direction 1882.82-1886.09 and 1892.08-1893.12.

Alternative scenario: Direct growth to 1882.82-1886.09 and 1892.08-1893.12 without prior pullback.

Trading recommendations:

Longs from 1869.51 to 1882.82-1886.09 and 1892.08-1893.12.

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