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XAUUSD market technical outlook

Daily chart:

As we see, downswing wasn’t completed and the bulls continue attacking the pivot-zone 1784.68-1789.49 today. If they succeed, gold may well recover above the psychological mark 1800.00 in direction of the resistance 1816.30 (red arrow).

Before the break there still will be odds for extension of downward correction (black scenario on the chart).

H1-chart:

Within the local structure resistance in the area of the latest high (1789.73) will be tested shortly with odds for a downward reversal via the double high pattern. At the same time we should regard it as an alternative scenario as the overall tone of the structure is the upward one meaning that renewal of the high might occur.

Conclusions:

Main scenario: Break above 1789.73 and further growth to 1800.00 with aim at 1816.30.

Alternative scenario: Downward reversal from 1789.73 and decline of the rate to 1763.36-1769.27.

Trading recommendations:

  1. Longs - in case resistance 1789.73 gets broken. Targets are 1800.00 and 1816.30.

  2. Shorts - in case of inability to break resistance 1789.73. Targets are 1769.27 and 1763.36.

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