XAUUSD MARKET TECHNICAL OUTLOOK

Daily chart:

Uptrend looks flawless and undergoes the stage of trending swing development. We expect gold at the closest psychological level of $1900 an ounce. And our congrats to those who were buying all this time from 1700.00.

H1-chart:

Bullish local trend also keeps proper step-like upward structure. Given that the market undergoes trending phase, the bulls have an apparent opportunity for an attack in direction 1890.00 and 1900.00 (black arrow).

We would consider a strong correction of gold in case the price moves under the closest local low at 1865.00 (red arrow).

Conclusions:

Main scenario: Growth to 1890.00 and 1900.00.

Alternative scenario: Decline under 1865.00 in direction of the PPZ 1855.00.

Trading recommendations:

Longs to 1890.00 and 1900.00.