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XAUUSD market technical outlook

Daily chart:

Gold failed to settle above resistance 1720.35 that may drive to pullback of the market to PPZ 1690.71. Given the false upward break of 1720.00 level, we can treat current situation as flat.

H1-chart:

Noticeable consolidation goes between strong levels of support (1700.62-1701.39) and resistance (1710.53-1711.50). We can’t rule out an extension of this tendency throughout the whole today’s session.

Conclusions:

Flat in the 1700.62-1711.50 range.

Trading recommendations:

Short-term trades inside the 1700.62-1711.50 channel.

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