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XAUUSD market technical outlook

Daily chart:

Gold shifted to flat, but in general negative forecast is still on the cards. The closest bears’ targets remain supports 1690.71 and 1659.21-1660.48. For such movement probably a prior forming of corrective upswing will be needed.

H1-chart:

Within local structure a contraction of trading range is in progress between psychological support 1700.00 and resistance 1707.62. This channel can be quite enough for intraday session.

Conclusions:

Flat in the 1700.00-1707.62 range.

Trading recommendations:

  1. Shorts from 1707.62 to 1700.00.

  2. Longs from 1700.00 to 1707.62.

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