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XAUUSD market technical outlook

Daily chart:

Gold so far is traded within yesterday’s range (bullish inside bar formation). Should the day closes this way, traders will get a promising buy signal. Potential of growth today is capped by resistance 1850.27-1860.00.

H1-chart:

Local bullish swing has a big amplitude that probably won’t let it go above the closest resistance level 1847.48. Though this matches a scenario of daily inside bar forming. Support for gold today will be the broken pivot 1839.31-1840.55.

Conclusions:

Main scenario: Growth to 1847.48, then decline to 1839.31-1840.55.

Alternative scenario: Break of 1847.48 and further growth to 1850.00, 1855.00, 1860.00.

Trading recommendations:

  1. Shorts from 1847.48 to 1839.31-1840.55 (we need a confirmation on junior time-frames for such trades).

  2. Longs from 1839.31-1840.55 to 1847.48, 1855.00, 1860.00.

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