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XAUUSD market technical outlook

Daily chart:

Development of downswing is in progress. Intermediate corrective movement wasn’t formed after all, therefore potential of decline is limited now by the stiff support zone 1659.21-1668.48, where we might get a bounce and reversal.

H1-chart:

Local structure has tangible higher low that is inherent to reversals of the trend. Besides, we see a very strong support at 1681.53-1683.56, where we can notice activity of buyers.

In case of growth to the psychological level 1700.00 mid-term downtrend of gold will be over. And such scenario appears very feasible. 

Conclusions:

So, we expect growth to 1700.00 and then correction of the price to 1690.00-1692.00.

Trading recommendations:

  1. Longs to 1700.00.

  2. Shorts from 1700.00 to 1690.00-1692.00.

  3. New longs from 1690.00-1692.00.

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