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XAUUSD market technical outlook

Daily chart:

Gold after a bounce off support at 1755.00-1758.00 last week exhibits a tendency for recovery of the rate in direction of the psychological mark of $1800 an ounce. The area of the latest high (1797.00-1797.55) also might act as a strong resistance. 

H1-chart:

We note a good bullish momentum, therefore a switch to the downswing can be expected only after testing of one of the closest resistance zones: 1783.71-1785.28 (black trajectory) or 1789.65 (blue scenario on the chart). In case a downward correction gets confirmation, the rate might reach supports at 1772.91-1774.64 and 1764.00-1765.17.

Conclusions:

Main scenario: Growth in direction 1783.71-1785.28 and 1789.65.

Alternative scenario: Recovery to 1797.00-1800.00.

Trading recommendations:

  1. Seeking local buy signals in direction of the targets 1783.71-1785.28, 1789.65, 1797.00, 1800.00.

  2. Seeking local sell signals at the resistance zones 1783.71-1785.28 and 1789.6

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