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XAUUSD market technical outlook

Daily chart:

So, today bears have renewed local low, therefore development of downswing probably will be extended up to the pivot-zone 1516.00-1519.00.

H1-chart:

Local downward structure has fully completed corrective upswing allowing to consider selling gold from current levels with count on move under the closest low (1535.71).

Conclusions:

Decline under 1535.71 with aim at 1516.00-1518.00.

Trading recommendations:

Shorts to 1535.71 with holding positions towards 1516.00-1518.00.

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