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XAUUSD market technical outlook

Daily chart:

Gold began to slide from the resistance zone 1961.69-1973.32. Downswing wasn’t completed today, therefore we can expect a downward reversal again with aim at renewal of yesterday’s low (1932.58) after ending of upward pullback.

Mid-term target of decline at 1902.42-1910.88 (the recent local low of the market) will become actual in case such scenario gets confirmation.

 

H1-chart:

Intensive upward technical correction is in progress within the local structure. It has quite big potential, therefore traders that are trading short today should be patient.

There are three probable scenarios:

  1. From current levels (1954.30-1955.26 area).

  2. After reaching PPZ 1962.73-1955.26.

  3. From mid-term resistance 1971.84-1973.19. 

In all cases the target will be at support 1939.69.

 

Conclusions:

Main scenario: Touch of 1954.30-1955.26, then decline to 1939.69.

Alternative scenario: Extension of upward correction in direction 1962.73-1965.00 and 1971.84-1973.19.

Trading recommendations:

Seeking confirming sell signals at any of the three mentioned zones.

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