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XAUUSD market technical outlook

Daily chart:

Resistance at 1478.28-1480.70 drew attention to itself again yesterday having triggered a slight intraday downward bounce. We continue to base our opinion on anticipation, that further growth of the yellow metal’s quotes is unlikely due to the fact, that market lacks a full-scale downward pullback. Therefore local sell-offs from this resistance area are likely to be extended.

H1-chart:

Locally this barrier also looks impressive. Short-trades from resistance area 1477.75-1478.50 look promisingly.

Support levels 1470.17-1465.00 might be the targets of intraday decline.

Conclusions:

Decline to 1470.17 and perhaps 1465.00.

Trading recommendations:

Shorts to 1470.17 and 1465.00.

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