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XAUUSD market technical outlook

Daily chart:

So upswing has tested resistance area 1737.39-1738.58 and probably exhausted all of its potential. Thus we can expect a start of new downward movement of gold market in direction of support zone 1690.52-1792.91.

H1-chart:

Local structure is forming another upswing. Given the conclusions from daily chart we can suppose that bulls won’t pass the barrier in the shape of resistance level 1739.00. There are big odds for downward reversal form this level via “double high” pattern.

Conclusions:

Growth to 1739.00 and then downward reversal in direction 1726.06 and 1720.00 with aim at 1700.00 and 1690.00.

Trading recommendations:

Shorts from 1739.00 to 1726.06, 1720.00, 1700.00.

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