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XAUUSD market technical outlook

Daily chart:

Gold is still forming full-scale corrective bearish swing, which is needed to resume further upward movement. Optimal target of such correction is the closest broken high (1788.001789.00 area). But in case this zone proves broken, we might face a much deeper pullback to 1757.00-1760.00 (blue scenario).  


Within local structure a forming of upward correction is in progress. The closest stopping resistance is 1804.78-1805.00. But in case of its break, we’ll probably see the testing of 1810.00 level again. We might expect active sell-offs of the asset today from each of these zones in direction 1793.85-1795.71.


Main scenario: Growth to 1804.78-1805.00 and then decline to 1793.85-1795.71.

Alternative scenario: Higher correction to 1810.00 with following downward reversal in direction 1793.85-1795.71.

Trading recommendations:

Shorts from 1805.00 and 1810.00 to 1793.8501795.71. 

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