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XAUUSD market technical outlook

Daily chart:

Too many events during a single day! Gold during yesterday’s session (including the beginning of today’s session) has managed to: a) form a downswing, b) break the upward structure’s low, c) form an upswing afterwards!

Thus the structure has a bearish tone now (see the two consecutive lower highs) and we can get a strong downswing in direction of the support level 1862.90 respectively. To reach this target sellers have to break quite a tough support zone 1902.43-1910.88.

H1-chart:

Local structure is filled with supports like a minefield! It’s going to be very tough to pass these levels, therefore even if we get a decline of gold ahead, this process isn’t going to be quick.

Right now PPZ 1936.64-1937.70 is being tested, which can repel the market to the upside in direction of the offer levels 1954.77 and 1961.42. From each of these levels we can consider aggressive shorts in direction 1929.66-1931.30, 1923.58-1924.36, 1911.24-1914.10.

Conclusions:

Upward pullback in direction 1954.77 and 1961.42, then decline in direction 1929.66-1931.30, 1923.58-1924.36, 1911.24-1914.10.

Trading recommendations:

Shorts from 1954.77 and 1961.42 to 1929.66-1931.30, 1923.58-1924.36, 1911.24-1914.10.

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