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XAUUSD market technical outlook

Daily chart:

At the tip of upswing an inside bar was formed, which is being actively broken to the downside today. Thus we can expect development of new bearish swing in direction of support zone 1690.52-1692.91.


Local downward structure is in trending stage. As we see support 1720.00-1721.00 is already broken that opens room for sellers to the psychological level 1700.00.


Decline to 1700.00 with aim at 1690.00.

Trading recommendations:

Shorts to 1700.00 and 1690.00.

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