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XAUUSD market technical outlook

Daily chart:

Gold market as we anticipated retained flat tone and continues to stay in the range between support 1690.71 and resistance 1720.35. Optimal trading tactics might be longs from the lower border of the range, where a corrective swing might be formed today and a probability of new strong upward movement respectively.

H1-chart:

It seems that local consolidation will be broken to the downside today. Bears will face a tough objective to pass support levels 1699.30 and 1697.00. But even if they succeed, they’ll get a new test at 1690.00-1692.00.

Conclusions:

Decline in direction 1690.00-1692.00 with following upward bounce.

Trading recommendations:

  1. Shorts to 1690.00-1692.00.

  2. Longs from 1690.00-1692.00 (in case of getting a confirming signal at this area).

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