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XAUUSD market technical outlook

Daily chart:

Friday had quite a promising close for the sellers (bearish inside bar at the tip of upswing). However an open of the new week proved shocking - the bulls aggressively continued pressure right after returning of the stocks from the weekend. If gold settles above the resistance zone 1898.73-1902.37, there will be big odds for extension of the quotes’ growth in direction 1931.20-1932.93 (black arrow).

However the psychological importance of the round level 1900.00 is high that will keep a likelihood of false upward break and development of downswing in direction 1850.27-1860.00 (red scenario on the chart). 

H1-chart:

Local upward structure got a reversal bearish bar at the tip of trending swing that might facilitate the forming of corrective decline in direction of the pivot-zone 1886.42-1889.15, where the upcoming fate of the trend will be determined - either an extension to the upside (black trajectory) or tangible prolongation of correction in direction 1877.01-1878.09 (red arrow).

 

Conclusions:

Main scenario: Decline to 1886.42-1889.15.

Alternative scenario: Break above 1902.37 and growth to 1931.00-1932.00.

Trading recommendations:

  1. Shorts to 1889.15. 1886.42.

  2. Seeking local buy signals at 1886.42-1889.15.

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