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XAUUSD market technical outlook

Daily chart:

Gold so far didn’t reach the mid-term resistance level 1965.00, therefore a tendency to growth may remain in place today as well. Prior to that a downward pullback may take place for retesting PPZ 1931.20-1932.93. 

H1-chart:

Local structure has a full-fledged downward correction and an explicit support at 1940.00-1941.00. It’s a good starting point for one more upward momentum in direction 1965.00.

Conclusions:

Main scenario: Growth to 1965.00, then downward reversal.

Alternative scenario: Decline to 1931.20-1932.93, then new upswing with aim at 1965.00 (extraday).

Trading recommendations:

  1. Longs to 1965.00.

  2. Shorts from 1965.00.

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