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XAUUSD market technical outlook

Daily chart:

A very distorted structure. A move of market-makers can tracked here, who slashed all buyers Friday by one good inside bar. At the same time the market apparently will need a corrective upswing, which, in case of break of pivot-zone 1690.52-1692.91 today, will head in direction 1720.78.

H1-chart:

Local structure has bearish tone, therefore it’s going to very tough for bulls to overcome the psychological barrier of $1700 for a troy ounce. New sell-offs are highly likely here (red arrow).

If buyers manage to settle above the 1700.00 mark, correction may reach the 1717.49-1720.46 zone (black arrow).

Conclusions:

Main scenario: Touch of 1700.00 and then downward reversal in direction 1680.00.

Alternative scenario: Break above 1700.00 and further development of upward correction in direction 1717.49-1720.46.

Trading recommendations:

  1. In case of failure to overcome 1700.00 - shorts to 1680.00.

  2. In case of break of 1700.00 - longs to 1717.49-1720.46.

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