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XAUUSD market technical outlook

Daily chart:

Massive bearish engulfment so far mostly resembles a trap. Support at 1756.00-1757.50 was tested, where demand for gold is still in place. At the same time session close was low, therefore today there can be an attempt to renew the low, which is likely to be leveraged by the buyers for opening long positions.

H1-chart:

The structure looks chaotic. Trading might be limited by the support zone 1762.32-1765.17 from the downside and from the upside growth might be capped by resistances 1774.64-1775.67 (red trajectory) and 1783.71-1785.28 (black scenario).

Conclusions:

Main scenario: Growth to 1783.71-1785.28.

Alternative scenario: Flat in the 1762.32-1775.67 range.

Trading recommendations:

Longs to 1783.71-1785.28.

 

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