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XAUUSD market technical outlook

Daily chart:

Support at 1720.78 shows steady demand for gold - bulls buy out here almost all local declines of the asset. This drove to forming of bullish pinbar by the end of yesterday’s session that might be a signal for development of upswing. However the structuredoesn’thavefullscaledownswing, therefore the strength and prospects of such signal might be doubtful.

H1-chart:

Meanwhile ure retains all signs of lengthy bearish accumulation! Take a look at red pads formed by the market during every upward correction - each of them is lower than the previous that is inherent to negative trend.

Thus if this tendency remains in place today, we’ll get good chances to see a drop of gold to 1700.00-1703.43.  

Conclusions:

Decline in direction 1700.00-1703.43.

Trading recommendations:

Shorts to 1700.00-1703.43.

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