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XAUUSD market technical outlook

Daily chart:

Upswing reached the pivot-zone 1850.00-1860.00, where technically a new downward reversal may take place. However the bulls look quite good and don't show signs of weakness during the current swing.

Thus a more likely scenario appears an extension of growth in direction 1894.47-1898.73 (blue arrow).

H1-chart:

Local structure so far has an anomaly which is expressed in an equality of bullish swings on this time-frame and on the daily chart. As a rule, such anomalies don’t exist too long. Therefore further growth of gold can be considered after local correction in direction of the PPZ 1847.45-1849.65.

Conclusions:

Main scenario: Pullback to 1847.45-1849.65, then extension of growth in direction 1870.00-1880.00.

Alternative scenario: Extension of growth in direction 1870.00-1880.00 without a pullback.

Trading recommendations:

Longs from 1847.45-1849.65 to 1870.00, 1880.00, 1890.00, 1900.00 (in medium term).

 

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