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XAUUSD market technical outlook

XAUUSD
Daily chart:

As we see bears can’t make a tangible corrective downward move, that indicates an actuality of further growth of the gold quotes. At the same time it’s better to “draw” a full-scale downswing, therefore a renewal of yesterday’s lows may take place. An optimal zone for correction remains to be the pivot 1288.60, where the most attractive area for long-trades opening resides.

H1-chart:

Local structure has attributes of upward movement (higher low after break of the high). Thus an upswing may run directly from current levels with break of the last high (1300.45 and then 1302.85).

Conclusions:

So, we expect growth of the quotes in direction 1305.00, after that gold may correct again under the 1300.00 mark.

Trading recommendations:

  1. Longs towards 1305.00.

  2. Seeking for potential local sell signals at the 1305.00 level.

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