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XAUUSD market technical outlook

Daily chart:

Massive fall of gold yesterday looked very brutal. Market has stopped the drop at the support zone 1848.48-1859.96 and forms a potential bullish inside bar today. If the day closes this way, traders will get a buy signal in direction 1918.58-1920.00.

H1-chart:

Local structure got a bearish tone and forms a corrective swing now. This swing is fully completed already, therefore buyers’ ability to pass the pivot-zone 1884.00-1892.92 is in question and their failure could drive to second testing of support 1850.24 (black arrow).

If the price settles above 1892.92, bulls will get a chance of correction extension in direction 1935.28 (red arrow).

Conclusions:

Main scenario: Decline from 1884.00-1892.92 to 1850.24.

Alternative scenario: Break of 1884.00-1892.92 to the upside and growth to 1935.28.

Trading recommendations:

  1. Below 1884.00-1892.92 - shorts to 1850.24.

  2. Above 1884.00-1892.92 - longs to 1935.28.

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