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XAUUSD market technical outlook

Daily chart:

We got an excellent bearish pinbar at the tip of upswing with false break of resistance level 1475.00! It’s a solid sell signal and a sign of a new downswing launch respectively.

The closest target of sellers will be support level 1458.63, but mid-term targets apparently might be bolder.   

H1-chart:

Local structure has lower high, that also speaks for downward reversal of uptrend. At the same time downswing is completed already, therefore we can’t rule out one more upward correction in direction 1473.00-1474.00, from where we can go short confidently with count on fall towards 1462.02 and 1458.63 (red scenario).

But as it often goes with strong movements a pullback might not happen and then the price will continue to drop from current levels (black arrow). 

Conclusions:

Main scenario: Pullback to the 1473.00-1474.00 zone and then decline to 1462.02 and 1458.63.

Alternative scenario: Direct decline in direction 1462.02 and 1458.63.

Trading recommendations:

Shorts from 1473.00-1474.00 to 1462.02 and 1458.63.

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