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XAUUSD market technical outlook

Daily chart:

Gold market has supposedly reversed to the downside having reached yesterday support zone 1688.13-1692.91. At the same time close of the day was quite high that may suggest readiness for correction.

8 EMA now resides at 1714.00 and market may head in that direction today.

H1-chart:

Forming of “double bottom” pattern is possible at the area of local support 1688.66. In this case growth in direction 1710.00-1714.00 will be confirmed.

If support 1688.66 proves broken, bears will be able to extend downtrend.

Conclusions:

Main scenario: Touch of 1688.66 and then upward reversal in direction 1710.00-1714.00.

Alternative scenario: Extension of decline to 1680.00.

Trading recommendations:

  1. Seeking probable buy signals at 1688.66 with target at 1710.00-1714.00.

  2. Shorts with count on break of 1688.66 to 1680.00.

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