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XAUUSD market technical outlook

Daily chart: 

Though gold again renewed the high of upswing, the asset remains under influence of the pivot-zone 1910.88-1918.60, where sell-offs are likely and also speculative profit taking on short-term long trades.

At the same time let’s note that the structure doesn’t have a direct short signal so far, therefore we shouldn’t be too quick with short trades.

H1-chart:

Local upward structure looks unsteady, losing supports. Thus a slight renewal of yesterday’s high so far looks like a false break. We expect further development of bearish swing in direction of support zones 1900.00-1902.00 and 1886.71-1889.53.

Conclusions:

Decline in direction 1900.00-1902.00 and 1886.71-1889.53.

Trading recommendations:

Shorts to 1900.00-1902.00 and 1886.71-1889.53.

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