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XAUUSD market technical outlook

Daily chart:

Corrective upswing isn’t completed so far, therefore we can’t rule out a renewal of yesterday’s high before resumption of decline in direction of the pivot-zone 1659.21-1668.48.

H1-chart:

Local structure remains bracketed between support zone 1695.45-1697.30 and resistance 1711.18-1712.41. It looks like during today’s session we’ll see a flat between these levels - we don’t notice forces capable of overcoming strong levels so far.

Conclusions:

Flat in the 1695.45-1712.41 range.

Trading recommendations:

  1. Longs to 1712.41.

  2. Shorts from 1712.41 to 1695.45.

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