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XAUUSD market technical outlook

Daily chart:

Gold got tangible support at 1810.17. Efforts of the buyers Friday weren’t sufficient after all for the forming of a full-fledged long signal (bullish pinbar for example). Nevertheless this kind of activity suggests probable recovery of the rate in direction of the pivot-zone 1852.12-1857.06.

H1-chart: 

Within the local structure a bullish pattern Over&Under was formed and triggered that also speaks for development of upward scenario in direction 1845.91-1847.22 (black arrow).

At the same time we need take into consideration the absence of any strong long-trigger at the tip of downswing that eventually may result in a flat in the 1817.07-1830.40 range (blue trajectory).

Conclusions:

Main scenario: In case of settling above 1830.40 - growth in direction 1845.91-1847.22.

Alternative scenario: Flat in the 1817.07-1830.40 range.

Trading recommendations:

Longs to 1845.91-1847.22 (optimum entry zone is 1817.07-1820.94).

 

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