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XAUUSD market technical outlook

Daily chart:

Bulls couldn't retain control over the situation yesterday despite having some aces in the sleeve. At this moment the price approaches to important psychological level 1700.00, but we see that support 1690.71 appears much more perspective area for new long positions.

We need to note that buyers didn’t lose control over mid-term uptrend so far, therefore we still have a high probability of upward reversal from 1690.71-1700.00.

H1-chart:

Local structure features a classic downtrend with typical consecutive lower highs and lower lows. Given the above conclusions we can anticipate one more small round of sell-offs of the asset from 1710.00-1713.00.

Conclusions:

So, we expect a pullback to 1710.00-1713.00, then decline to 1700.00 and 1690.71 and a probable upward reversal afterwards.

Trading recommendations:

  1. Shorts from 1710.00-1713.00 to 1700.00 and 1690.71.

  2. Longs from 1690.71.

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