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XAUUSD market technical outlook

Daily chart:

Scenario of upward reversal of the gold market via the double bottom pattern fully pans out. If the bulls manage to settle above the complex pivot-zone 1717.00-1718.89, they’ll get room for further growth of the rate in direction 1750.00-1760.43 (red arrow).

However upswing might be completed by mere renewal of yesterday’s high (1714.84) that may steeply get the sellers back in the game again (black trajectory). 

H1-chart:

Within the local structure a new high wasn’t posted yet, which is a compulsory attribute of uptrend. Key support resides in the area of the closest local low now (1705.58).

It’s this zone that may elicit activity of the buyers or sellers that makes it a key level today.

Conclusions:

Main scenario: Break of 1717.00-1718.89 and further growth in direction 1750.00.

Alternative scenario: Break of support 1705.58 and new decline in direction 1680.00.

Trading recommendations:

  1. Above 1705.58 - longs to 1750.00.

  2. Below 1705.58 - shorts to 1680.00.

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