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XAUUSD market technical outlook

Daily chart:

Gold has stopped decline at the support zone 1848.37-1862.90 for a while. However a bearish pinbar was formed Friday that might be a sign of consolidation before extension of decline.

H1-chart:

A downward break already took place within local consolidation, therefore even today the market might test the support zone 1848.37-1848.50 again. In case the bears fail to overcome this zone on the fly, the asset might correct to 1857.00-1858.00 one more time.

Conclusions:

Main scenario: Decline to 1848.37-1848.50, then correction to 1857.00-1858.00.

Alternative scenario: Break of support 1848.37-1848.50 and further decline in direction 1830.00 and 1820.00.

Trading recommendations:

Shorts to 1848.50, 1830.00, 1820.00.

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