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XAUUSD market technical outlook

Daily chart:

Bullish pinbar formed yesterday is not a full-fledged trading setup (it emerged in traffic and doesn’t have a steady support beneath). But grouped with the overall situation, when the market structure definitely needs upswing, this can well allow the buyers to seek trading opportunities in direction 1875.00.

Also we need to remember that there is a mid-term sell entry point at 1908.50 according to bearish pattern O&U. This will facilitate growth of the rate to this zone.

H1-chart:

Within the local structure a steady trend is absent. The asset is forming downswing, which supposedly will be cut at support zone 1837.28-1841.03. Thus it’s a preferable zone for long trades. Targets are 1855.15-1857.27, 1862.65-1863.29, 1875.00.

Conclusions:

Main scenario: Downward pullback to 1837.28-1841.03 followed by growth in direction 1855.15-1857.27, 1862.65-1863.29, 1875.00.

Alternative scenario: Growth from current levels.

Trading recommendations:

Longs to 1855.15-1857.27, 1862.65-1863.29, 1875.00.

 

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