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XAUUSD market technical outlook

Daily chart:

Bullish inside bar at the tip of the downswing by the end of Friday’s session is a clear signal to probable recovery of gold. However for this the buyers are to break significant resistance area 1818.32-1831.06. Otherwise the rate might grow to the next resistance at 1857.06-1875.00 (black arrow).

If this development doesn't unfold, this will signify weakness of the bulls that in turn will result in a switch of the market to a new downswing. Though even for this the structure has to get at least some correction, therefore we should expect an extension of the asset’s rate drop not earlier than in 1-2 days.

H1-chart:

Local structure has necessary attributes of uptrend - higher low, a break of the local high. Current phase is trending one. Thus we can expect growth of the quotes in direction 1829.50-1834.77 and 1844.59-1845.50. (red arrow).

Also we don’t rule out a scenario with one more intermediate downward correction (black trajectory).

Conclusions:

Main scenario: Growth in direction 1844.59-1845.50.

Alternative scenario: Growth to 1829.50-1834.77 followed by a pullback to 1811.00-1815.00 and after that growth will resume.

Trading recommendations:

Longs to 1829.50-1834.77 and 1844.59-1845.50.

 

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