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XAUUSD market technical outlook

Daily chart:
Gold keeps uptrend , but as we told this week, the structure needs to perform a full-scale corrective downswing in order to get a full-scale bullish swing. Such swing wasn’t completed by the end of yesterday’s session, therefore bulls’ ability to break the closest high (1817.64) is in big question. Most likely we’ll see another weakness of buyers during approach to this zone and a new downward correction in direction of the round level 1800.00.

H1-chart:

Local structure has a very strong resistance area 1811.00-1813.00. It looks like today it won’t be overcome as well facilitating development of corrective decline in direction 1805.50 and 1795.00.

Conclusions:

We expect a downward reversal from 1811.00-1813.00 to 1805.50 and 1795.00.

Trading recommendations:

  1. Shorts from 1811.00-1813.00 to 1805.50 and 1795.00.

  2. Seeking probable buy signals at 1795.00 on H1-chart.

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