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XAUUSD market technical outlook

Daily chart:
So, bulls manage to keep gold above the psychological barrier 1700.00 so far. They have quite strong zone 1690.71-1702.58 beneath, where investors seemingly are ready to buy the asset. However we can’t miss the fact that yesterday’s session closed below the opening price. Thus growth of the quotes is quite likely, but there are still no a full-value long-signal at the tip of downswing.

H1-chart:

Local structure is consolidating. We see consecutive higher lows and lower highs. At this moment the market is forming downswing, therefore we’ll probably see one more testing of support zone 1700.00-1701.00, where we can again consider long-trades.

It’s a big question whether bulls will be able to pass resistance zone 1712.30-1713.68 today.

Conclusions:

So, we expect a downward pullback to 1700.00-1701.00 and then growth in direction 1712.30-1713.68.

Trading recommendations:

Longs from 1700.00-1701.00 to 1712.30-1713.68.

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