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XAUUSD market technical outlook

Daily chart:

Gold keeps confident upward movement. Bulls quite easily reached the first target at 1875.00, which we noted yesterday. There are no signs of buyers’ weakening. Thereby the next target will be the closest resistance level 1906.00.

H1-chart:

Local upward structure has a full-fledged trending upswing that might require an additional corrective decline. Optimal zone for new longs is the PPZ 1855.15-1857.27 (black trajectory). It’s very unsafe to consider shorts during such correction as growth may resume at any moment.

 

Conclusions:

Main scenario: Extension of growth in direction 1906.50.

Alternative scenario: Downward pullback from 1855.15-1857.27 and after that growth will resume.

Trading recommendations:

Longs to 1906.50 (preferable entry zone is 1855.15-1857.27).

 

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