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XAUUSD market technical outlook

Daily chart:

Forming of corrective upswing is in progress, which most likely is aimed at 1850.27-1860.00, where a pivot zone resides formed by the two latest broken lows.

H1-chart:

Local upward structure is forming downward correction, which is potentially limited by two zones at this moment: 1824.00-1826.00 and 1812.00-1816.89. Buy signals that might be formed in these zones will have good odds for execution today. 

Conclusions:

Main scenario: Decline to 1824.00-1826.00, then extension of growth in direction 1850.00.

Alternative scenario: Deeper correction to 1812.00-1816.89, then upward reversal and extension of mid-term growth in direction 1850.00.

Trading recommendations:

Longs from 1824.00-1826.00 and 1812.00-1816.89 in direction 1850.00.

 

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