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XAUUSD market technical outlook

Daily chart:
As we supposed yesterday, bullish swing failed to climb above the pivot-zone 1645.85-1652.44 having formed a reverse bearish bar at its tip. Such bar hardly may be considered a full-value short-trigger, however it quite can be a symbol of buyers’ weakness.

H1-chart:

Local structure has signs of contracting consolidation. Thus we can get a break of support zone 1631.46-1633.71 during the next swing that would drive to slump of the quotes to 1610.00.

Conclusions:

So, we expect a break of support 1631.46-1633.71 and decline to 1610.00.

Trading recommendations:

Shorts to 1610.00.

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