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XAUUSD market technical outlook

Daily chart:

Bulls relatively easily passed the PPZ 1850.00-1860.00 and now they head to the psychological level of $1900 for a troy ounce of gold. For this they need to overcome resistances at 1874.97 (the closest local high of the structure) and 1894.47-1898.73. The task appears absolutely feasible.

H1-chart:

Local bullish structure doesn’t have any signs of buyers’ weakness at the tip of current trending swing so far. Thus we can expect an extension of growth to the targets mentioned on a daily chart.

Conclusions:

Main scenario: Growth in direction 1894.47-1898.73.

Alternative scenario: Stoppage of growth at 1874.96 and downward reversal that would suggest preparedness of bears to guard the mid-term downtrend.

Trading recommendations:

Longs to 1874.96 and 1894.47-1898.73.

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