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XAUUSD market technical outlook

Daily chart:

Gold extended growth having kept uptrend. However some questions might arise at the resistance zone 1680.49-1688.60, which quite can trigger corrective movement in direction of dynamic support 1645.00.

H1-chart:

Local upward structure develops corrective downswing. Should 1667.00 level be broken, a bearish reversal pattern Over&Under will be formed with recommended sell entry point 1677.00. Such scenario appears very realistic.

Conclusions:

Decline to 1660, then upward pullback to 1677.00 and after that gold will continue correction in direction 1652.00.

Trading recommendations:

  1. Longs from 1660.00 to 1677.00.

  2. Shorts from 1677.00 to 1652.02.

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