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XAUUSD market technical outlook

Daily chart:

Gold is influenced by the absence of a strong direct long-trigger: the market apparently needs upward correction, however it failed to perform it yesterday.

Likelihood of the asset’s recovery to 1857.00 will remain in place. Though we can’t rule out a prior second testing of the support zone 1817.06-1818.83.

H1-chart:

Local structure has signs of a sideways trend - the price is bracketed between support zone 1828.90-1830.24 and resistance 1851.37-1856.75. Current phase is upward that allows going long in a short term. But after testing the range’s upper boundary the market may head to the downside again.

Conclusions:

Main scenario: Flat in the 1828.90-1856.75 range.

Alternative scenario: Decline to 1817.06-1818.83, new upward reversal afterwards.

Trading recommendations: 

Trading to both sides inside the 1828.90-1856.75 range.

 

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