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XAUUSD market technical outlook

Daily chart:

We have an intensive start of new bearish swing after completion of mid-term upward correction of gold on Friday. As we see the asset faced sell-offs from 1910.88-1918.50 and is poised for decline in direction of support level 1862.90.

H1-chart:

Local structure is visually poised for a break of support 1890.00 that would fully reverse the trend to the downside. We can’t rule out that bulls will try to guard this zone. But this will just postpone a decline scenario without cancelling it.

Conclusions:

Main scenario: Break of support 1890.00 and further decline in direction 1880.00, 1870.00, 1862.90.

Alternative scenario: In case of inability of sellers to break support 1890.00 the market will get correction to 1900.00-1910.00, where it will face sell-offs again.

Trading recommendations:

Shorts to 1880.00, 1870.00, 1862.90. We can make entries either reckoning on break of 1890.00 or after a pullback to the PPZ 1900.00-1910.00.

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