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XAUUSD market technical outlook

Daily chart:

Gold is forming corrective downswing and it may take 2 days to complete it (today and tomorrow). It’s likely that they will be actively buying the asset at the support area 1689.36-1702.58 today.

H1-chart:

We note a strong support at the area of local low 1707.89, which is being probed right now. Upward bounce here is very likely (black arrow).

But in case of its break (red scenario), the structure will get bearish pattern Over&Under suggesting the end of uptrend.

Conclusions:

Main scenario: Upward bounce off 1707.89 and growth in direction 1730.00-1740.00.

Alternative scenario: Break of support 1707.89 and decline to 1692.50.

Trading recommendations:

  1. Above 1707.89 - longs to 1730.00-1740.00.

  2. Below 1707.89 - shorts to 1692.50.

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