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XAUUSD market technical outlook

Daily chart:
Mid-term pivot-zone 1562.29-1567.62 was tested today, which as we see is triggering quite an intensive bounce. Thus there are big odds for reversal and forming of new upswing.

H1-chart:

Local downward structure has ideal proportions of downtrend. Given a completed corrective upswing and testing of the pivot-zone 1589.40-1593.62 bears can sharply regain control at current levels and switch market to another trending decline which can break the last low (1567.85).ย 

Conclusions:

Main scenario: Decline under 1567.85 with aim at 1560.00 and 1550.00.

Alternative scenario: Growth above 1600.00 can provide gold with upward reversal till the end of this week.

Trading recommendations:

Shorts to 1560.00 and 1550.00.

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