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XAUUSD market technical outlook

Daily chart:

Downswing so far doesn’t show direct signs of weakness pointing to probable extension of gold’s decline. However now the market is bracketed between strong levels of support 1504.44 and resistance 1546.82-1561.45, where is most likely will stay during today’s session.

H1-chart:

Local downward structure hasn’t formed a full-size corrective upswing, therefore testing of the pivot-zone 1547.38-1550.65 is still likely. We can consider short trades from this region toward 1504.44.

Conclusions:

Testing of 1547.38-1550.65 and following decline of the quotes in direction 1504.44.

Trading recommendations:

Shorts from 1547.38-1550.65 to 1504.44.

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