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XAUUSD market technical outlook

Daily chart:

Corrective downswing didn’t express any signs of weakness or reversal so far, therefore in case of breaking local support 1670.33 the quotes might slip to 1643.31, where big pending buy orders might be concentrated.

H1-chart:

Local downward structure undergoes another trending stage. Thus if quotes get below the closest low (1670.96), we would expect further downward movement in direction 1643.31.

We can consider a reversal only in case resistance 1684.10 is broken (red arrow). Within such scenario the asset will recover to 1707.30-1711.52.

Conclusions:

Main scenario: Decline in direction 1643.31.

Alternative scenario: Growth above 1684.10 and extension of gold recovery to 1707.30-1711.52.

Trading recommendations:

  1. Shorts to 1643.31.

  2. Longs with count on break of 1684.10 to 1707.30-1711.52.

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