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XAUUSD market technical outlook

Daily chart:

Gold slid to support zone 1850.27-1860.00, where high demand for the asset might be in place. However, formally, a full-fledged corrective downswing wasn’t completed so far that requires just a renewal of yesterday’s low (1858.66). Growth might prove substantial afterwards. We can’t help considering a bearish scenario as well, which will get viable in case the price settles below the 1850.00 mark. In this case we would expect decline of the quotes in direction 1818.32 (red arrow).   

H1-chart:

Local structure is forming corrective upswing, its development potential might prove quite big - up to the resistance zone 1878.09-1881.09, where the sellers might regain control heading in direction of the pivot-zone 1866.35-1867.47.

Conclusions:

Main scenario: Growth to 1878.09-1881.09, then decline to 1866.35-1867.47.

Alternative scenario: Decline to 1850.00-1855.00, then upward reversal in direction 1865.00-1870.00.

Trading recommendations:

  1. Longs to 1878.09-1881.09.

  2. Shorts from 1878.09-1881.09 to 1867.35-1868.47.

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