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XAUUSD market technical outlook

 Daily chart:

We have a full-fledged short bullish swing, which will be testing the strong resistance 1750.00-1760.00 shortly. We need to note that the structure has an upward tone, therefore a scenario of further recovery of gold prevails. The buyers’ next target will be 1785.00 (red arrow). But of course we can’t rule out one more downward correction from 1750.00-1760.00 (black trajectory).

H1-chart:

Trending bullish swing is being built within the local structure, which is also going to encounter the barrier at 1757.06-1758.30. Optimum trajectory of further growth should unfold via an intermediate correction to the pivot-zone 1744.65-1749.00 (red scenario), but extension of growth directly from current levels may take place as well. 

 

Conclusions:

Main scenario: Testing of 1757.06-1760.00 followed by decline to 1744.65-1749.00 and after that growth will resume in direction 1785.00.

Alternative scenario: Break of resistance 1757.06-1760.00 and further growth in direction 1785.00.

Trading recommendations:

  1. Longs to 1757.06-1760.00 and perhaps to 1785.00.

  2. We may consider short-term shorts from 1757.06-1760.00 to 1749.00 and 1744.65.

  3. New longs from 1744.65-1749.00 (in case of downward correction development).

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