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XAUUSD market technical outlook

Daily chart:

Extension of downswing in direction of the mid-term support zone 1690.52-1692.91 is still highly likely despite the false downward break of the inside bar as this swing isn’t completed yet. 

H1-chart:

Local structure has already formed full-scale downswing, therefore strong support area 1720.00-1721.00 can force the market to retrace a bit to the upside before continuation of the quotes’ decline. Optimal sell area zone is the pivot-zone 1726.12-1727.23 (red trajectory).

But in case of break of 1720.00, the price might rather quickly slide to support 1707.00, which acts as the main target today.

Conclusions:

Main scenario: Pullback to 1726.12-1727.23 and then decline in direction 1707.00.

Alternative scenario: Direct decline to 1707.00 without prior correction.

Trading recommendations:

Shorts to 1707.00 (optimal entry zone is 1726.12-1727.23). 

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