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XAUUSD market technical outlook

Daily chart:

Gold extends its correction. Yesterday’s bar got bearish close, therefore one more testing of the pivot-zone 1643.31-1659.21 is still likely. Massive limit buy orders might be concentrated at this region.

H1-chart:

Local structure is chaotic, therefore we’ll probably see an extension of trading between support 1670.88 and resistance 1696.71-1700.69.

Conclusions:

Flat in the 1670.88-1700.69 range.

Trading recommendations:

  1. Shorts from 1696.71-1700.69 in direction 1670.88.

  2. Longs from 1670.88 to 1700.00.

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