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XAUUSD market technical outlook

Daily chart:

Gold fully worked off its major target at the resistance zone 1916.22-1920.00 and has good chances for a close of today’s session by bearish engulfment. If this scenario gets confirmation, we might see a new slump of the price to 1860.00.

H1-chart:

Local structure keeps a bullish tone so far, but has signs of buyers’ weakness, who reside too far from the peak of the chart. At the same time a full-fledged upswing wasn’t formed yet, therefore growth to 1910.44 is still likely. Here we can consider opening short trades. Support zone 1866.49-1969.11 might be the target of decline.

Conclusions:

Main scenario: Growth to 1910.44, then decline to 1900.00, 1890.00 with aim at 1866.49-1869.11.

Alternative scenario: Downward reversal from the psychological level 1900.00. Targets are 1890.00, 1880.00, 1870.00, 1866.49.

Trading recommendations:

Shorts from 1900.00 and 1910.44.

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