XAUUSD market technical outlook

Daily chart:

Gold reached the strong pivot-zone 1848.21-1857.06, which is capable of holding the bulls’ pressure and switching the market by that to a flat between this zone and support 1810.17-1818.32 (red trajectory).

In case the bulls manage to break the 1848.21-1857.06 hurdle, the price will recover to the closest resistance at 1874.77-1875.33 (black arrow).

H1-chart:

Local structure lost an upward tone having formed Over&Under pattern. Thus a key resistance zone today will be 1842.90-1845.14 from where the asset might be sold out in direction 1828.62-1831.87.

Conclusions:

Main scenario: Decline of the quotes to 1828.62-1831.87 followed by an upward bounce to 1842.90-1845.14.

Alternative scenario: Attempt of break above 1857.06 in direction 1860.00-1865.00.

Trading recommendations:

Trading to both sides in the 1828.62-1845.14 range.