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XAUUSD market technical outlook

Daily chart:

The situation most likely won’t change - market is in an uptrend, which doesn’t cast any doubts, but upward movement is hindered by the absence of an intermediate corrective swing.

Thus gold will continuously switch to corrective declines in direction of support zone 1788.80-1780.00. 

H1-chart:

Local structure has lost its upward dynamics that coincides with conclusions from the daily chart. We expect decline to supports 1805.50, 1802.30 from the quotes might roll back to 1808.90-1810.00. From this zone we can go short again reckoning on further development of downswing on a daily chart.

Conclusions:

Decline to 1802.30, then upward bounce to 1808.90-1810.00.

Trading recommendations:

  1. Shorts to 1802.30.

  2. Longs from 1802.30 to 1808.90-1810.00.

  3. Shorts from 1808.90-1810.00.

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