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XAUUSD market technical outlook

Daily chart:

Despite the renewal of the current upswing high bulls were not only able to settle above resistance zone 1737.71-1745.58, but also got an impressive bearish close of yesterday’s session. Thus after retest of this zone today we can expect a final switch of the market to downswing with the first target at 1720.78.

In medium term we might expect gold at 1690.52-1692.91.

H1-chart:

Local structure keeps bullish tone so far, therefore we can expect trending swing to reach resistance area 1739.04-1740.00. Further we can consider short trades during reversal of the trend on a daily chart.

Intraday target of decline will probably be support zone 1720.76-1721.28.

Conclusions:

Growth to 1739.04-1740.00 and then decline to 1720.76-1721.28.

Trading recommendations:

Shorts from 1729.04-1740 to 1720.76-1721.28.

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