XAUUSD market technical outlook

Bearish inside bar was formed at the tip upswing Friday being a signal to decline. On top of this we have a substantial lower high that also can be interpreted as a probable buyers’ weakness.

Development of corrective decline now might be directed to pivot-zones 1689.36-1702.58 and 1659.45.

H1-chart:

Local structure consolidates in the range of last swing (1709.63-1720.22). Given the conclusions from daily time-frame, we can anticipate buyers activity at 1720.22 that will allow them to attach support 1709.63.

Conclusions:

So, we expect touch of 1720.22 and then decline in direction 1689.36-1702.58.

Trading recommendations:

Shorts from 1720.22 to 1689.36-1702.58.