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XAUUSD market technical outlook

Daily chart:

Bears renewed local lows in quite a brutal style yesterday having upset by that buyers’ apple-cart as they had good chances for an upward spurt. Now the structure has chaotic flat shape and further scenarios might be drastically different: from the forming of bullish inside bar today (blue round mark) to extension of decline in direction of the mid-term support 1848.48-1850.00 (red arrow). 

H1-chart:

Local downward structure is still forming corrective upswing, which can be extended up to PPZ 1900.42-1902.00. By the time of testing this PPZ the correction most likely will be exhausted. Thus we can consider long trades to the mentioned zone first and then short trades reckoning on a new downward reversal of the market.

Conclusions:

Main scenario: Growth to 1900.42-1902.00, then downward reversal in direction 1890.00.

Alternative scenario: Extension of decline from current levels in direction 1850.00.

Trading recommendations:

  1. Longs to 1900.42-1902.00.

  2. Shorts from 1900.42-1902.00 to 1890.00.

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