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XAUUSD market technical outlook

Daily chart:

Corrective downswing is fully completed and has a bullish reversal bar at its tip formed from support at 1768.32-1771.10. This may point to preparedness of the bulls to attack the psychological resistance 1800.00 from current levels.

H1-chart:

The mode of local trading so far has signs of a sideways channel with explicit boundaries from the downside (1768.58-1769.70 area) and from the upside (1783.16-1783.71 zone). We don’t rule out that this tendency will remain in place (red trajectory).

But according to conclusions from the daily chart we need to stick to the odds of steep increase of the buyers’ activity from the 1773.38-1777.17 zone (black arrow on the chart).

Conclusions:

Main scenario: Pullback to 1773.38-1777.17 followed by growth to 1796.00 and 1800.00.

Alternative scenario: Active flat in the 1768.58-1783.71 range.

Trading recommendations:

Seeking local buy signals at 1773.38-1777.17 and 1768.58-1769.70.

 

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