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XAUUSD market technical outlook

Daily chart:

Excellent reverse close of Friday most likely signifies ending of the gold market decline phase and, as a consequence, a switch to a new bullish swing. The closest potential target of the buyers is 1810.17. Though for this they’ll have to overcome the area of possible limit sell-offs 1800.00.

H1-chart:

Local upswing broke three highs of the structure in a row suggesting an explicit upward reversal, which fully coincides with the most likely scenario on a daily chart. Big amplitude of growth might require an intermediate downward correction, which can be expected in direction 1783.42-1786.20 (black trajectory) and 1769.30 (red scenario). Strong upward momentum in direction 1800.00 and 1810.17 would be possible from each of these zones.

Conclusions:

Main scenario: Pullback to 1783.42-1786.20 followed by growth in direction 1800.00 and 1810.17.

Alternative scenario: Deeper correction to 1769.30 followed by an upward reversal.

Trading recommendations:

Longs to 1800.00 and 1810.17. Optimum zones for opening trades are 1783.42-1786.20 and 1769.30.

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