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XAUUSD market technical outlook

Daily chart:

Bullish bias of the market was totally confirmed yesterday, when the resistance zone 1751.00-1760.43 was confidently broken. At the same time, as it often occurs after renewal of the highs, gold went to correction, which can have different depth: we might see either a simple retest of the PPZ 1751.00-1760.43 with the following extension of upward momentum (black trajectory) or a full-fledged corrective bearish swing in direction of the support zone 1718.89-1723.44 (blue arrow).

H1-chart:

Within the local structure the high wasn’t renewed and the market exhibits tangible bearish momentum after that. In case support 1759.50 gets broken, the rate might swiftly slide to the PPZ 1744.65-1749.00. Such decline might be actively bought out (red trajectory). But also we need to note the promising demand level 1727.00, which was formed by the bullish Over&Under pattern (black arrow).

Conclusions:

Main scenario: Decline to 1744.65-1749.00 followed by extension of growth in direction 1785.00-1790.00.

Alternative scenario: Decline to 1727.00.

Trading recommendations:

Seeking probable buy signals at 1744.65-1749.00.

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