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XAUUSD market technical outlook

Daily chart:

Events are running quickly! During yesterday and today before the afternoon both upward and downswing were completed! From one hand meaning that downtrend is steady (and correspondingly pointing to a high probability of downswing continuation in direction of support levels 1473.50 and 1458.75, watch the red arrow).

But from the other hand presence of full-scale downswing in the structure may let bulls rebound to the upside and break the last high (1495.00, watch the black arrow).

H1-chart:

Local downward structure undergoes the stage of corrective upswing forming in direction 1492.92, where we have the most optimal mid-term area for sell-offs.

Conclusions:

Growth in direction 1492.92 and then decline towards 1480.54.

Trading recommendations:

Shorts from 1492.92 to 1480.54.

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