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XAUUSD market technical outlook

Daily chart:

Gold predictably broke the psychological resistance level 1900.00 and continues growth in a confident manner. The next target of bulls will be mid-term resistance at 1965.00. We can consider intermediate PPZ 1931.00-1933.00 capable of slowing down growth a bit. But this won’t cancel the overall scenario of further recovery of the asset.

H1-chart:

Local upward structure has a trending upward movement of high amplitude that most likely will force the market to undergo correction. Though during such explicit trends correction may have the shape of consolidation or flat. We don’t consider shorting so far.

Conclusions:

Main scenario: Growth to 1931.00-1933.00, then consolidation before extension of growth to 1965.00.

Alternative scenario: Downward reversal of the price from 1931.00-1933.00 to 1915.00-1920.00.

Trading recommendations:

Longs to 1931.00-1933.00 and 1965.00.

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