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XAUUSD market technical outlook

Daily chart:

Despite keeping of certain local optimism gold still lacks a corrective swing in its structure. Break of such strong zone as 1478.28-1480.70 is unlikely without it. Thus the main expectation today will be a decline of the quotes from this zone.

H1-chart:

Local structure already has signs of buyers’ weakness (in particular lower high). Thus in case of break of support 1477.41 we might expect active testing of the next support zone 1472.83-1473.80.

Conclusions:

Decline to 1472.83-1473.80.

Trading recommendations:

Shorts to 1472.83-1473.80.

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