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XAUUSD market technical outlook

Daily chart:

Gold switched to forming of a corrective downswing that will take at least today and tomorrow. Thus it’s reasonable to expect further pullback to PPZ 1902.42-1910.54, where we have a key demand area now.


Local structure has signs of a downward reversal having got a break of the low at 1918.00. At this moment the market is completing upward correction that allows considering short trades from 1920.00-1921.00. Selling target will be at the round level of $1900 for a troy ounce.


Pullback to 1920.00-1921.00, then decline to 1900.00.

Trading recommendations:

Shorts from 1920.00-1921.00 to 1900.00.

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