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XAUUSD market technical outlook

Daily chart:

Corrective downswing is completed already, therefore there is a tangible probability of upward pullback off 1720.78, where we have a merger of the pivot-level and 8-day EMA. Such scenario is marked with black arrow. If 1720.78 level proves broken, correction might go much deeper in direction 1700.00 and 1690.71 (red arrow).

H1-chart:

Local downward structure is forming trending swing also suggesting probable extension of decline and testing of 1720.78.

Conclusions:

Main scenario: Decline to 1720.8 and then upward reversal.

Alternative scenario: Break of support 1720.78 and further decline to 1700.00.

Trading recommendations:

  1. Shorts to 1720.78.

  2. Longs from 1720.78.

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