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XAUUSD market technical outlook

Daily chart:

Downswing is fully completed. We note a false downward break of the bearish inside bar that is a tangible sign of the quotes’ decline ending. Thus we can expect development of new upswing in direction of the resistance zone 1850.77-1860.00.

H1-chart:

Local structure is potentially ending downswing, which is testing the strong support zone 1831.18-1832.61 at the moment. Any signals formed in this zone will have big odds for execution. Strong intermediate resistance zone is 1839.31-1840.37.

Conclusions:

Main scenario: Growth from current levels in direction 1839.31-1840.37 and 1850.77-1860.00.

Alternative scenario: In case support 1830.00 gets broken, we expect a decline to 1824.00, where bulls will try to turn the trend to the upside again.

Trading recommendations:

Longs from 1831.18-1832.61 and 1824.00 to 1839.31-1840.37 and 1850.77-1860.00.

 

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