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XAUUSD market technical outlook

Daily chart:

Bears confidently provided the downward structure with another low, however they were unable to get the close below 1900.00-1902.42. This creates premises for forming another upward correction (black arrow), albeit the market had a serious bearish momentum yesterday and we need to get confirmation for such a scenario.

H1-chart:

Local bearish structure got a full-fledged corrective upswing allowing traders to sell out the asset reckoning on another renewal of the low (1882.52).

Conclusions:

Decline in direction 1882.52. In case of a breakout the quotes will slide to 1870.00.

Trading recommendations:

Shorts to 1882.52 and 1870.00.

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