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XAUUSD market technical outlook

Daily chart:

Sellers failed to perform a downward break of the inside bar that can be a sign of weakness. However further growth for the market might be complicated as well now as the structure lacks full-scale corrective swing.

It looks like gold will continue facing resistance at the area of recent high (1817.64) and getting support at 1789.00-1790.00.ย 


Local structure is finalizing forming of upswing, which will supposedly reverse to the downside from resistance zone 1809.00-1810.00, where we have the recent local high. Target of decline will be the strong support zone 1795.00-1796.00.


Downward reversal from 1809.00-1810.00 and decline to 1795.00-1796.00.

Trading recommendations:

Shorts from 1809.00-1810.00 to 1795.00-1796.00.

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