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XAUUSD market technical outlook

Daily chart:

Quite short downswing has been formed. Given the presence of strong support 1720.78, there is a good chance for a start of new upswing in direction of the pivot-zone 1737.39-1746.27 (black arrow).

We should acknowledge 1720.78 a key level: if this level proves broken, almost nothing will interfere with drop of the quotes to 1690.71 (red arrow).

H1-chart:

Local structure has a perspective support zone 1719.88-1722.05, which can trigger an upward bounce.

One more argument in favor of upswing development is the presence of high-standing offer zone 1741.00-1742.47, which was formed by bearish pattern O&U.

Conclusions:

Testing of 1719.88-1722.05 and upward reversal in direction 1733.79 and 1741.00-1742.47.

Trading recommendations:

Longs from 1719.99-1722.05 to 1733.79 and 1741.00-1742.47.

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