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XAUUSD market technical outlook

Daily chart:

Bears have renewed the low of current downswing suggesting maintaining the tendency to drop of the quotes. The closest target of sellers will be support level 1862.90, where initial profit taking might take place and switching of the market to upward correction as a consequence.

H1-chart:

Local structure also is in a trending stage. Thus we expect an extension of decline and reaching the 1862.90 target. We can work with the gold now only by selling it.

Conclusions:

Decline to 1862.90.

Trading recommendations:

Shorts to 1862.90.

 

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