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XAUUSD market technical outlook

Daily chart:

Upward correction of gold was extended. Market approaches the very complex resistance zone 1850.27-1859.96, where a tangible sell limit volume might be concentrated to maintain mid-term downtrend.

H1-chart:

Local structure got a short corrective downswing and after that at the closing of the new hourly bar the market exhibited an impressive bullish momentum. Thus we expect further growth of the quotes in direction 1850.27-1859.96.

Conclusions:

Main scenario: Growth to 1850.27-1859.96, then downward reversal.

Alternative scenario: Break above 1860.00 and further growth to 1870.00-1875.00.

Trading recommendations:

  1. Longs in direction 1850.27-1859.96.

  2. Shorts from 1850.27-1859.96. 

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