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XAUUSD market technical outlook

Daily chart:
As we see, the psychological resistance level 1900.00 not only remained unbroken, but also has driven to a forming of pin-like bar with a bearish closing price. Such a bar hardly can be considered a strong sell signal, but nevertheless it can well signify the weakness of bulls.

Thus we can expect a new decline of the quotes in direction 1872.08 and 1860.00.

H1-chart:

Local structure already has typical attributes of downward reversal of the trend - consecutive lower highs and also systematic breaches of supports. Key support for the market now is 1884.23-1884.88. Once it gets broken, the speed of decline might spike that would help sellers get profit at 1864.57.

Conclusions:

Main scenario: Decline to 1864.57.

Alternative scenario: Continuation of sell volume accumulation in the 1884.23-1892.00 range.

Trading recommendations:

  1. Shorts from 1892.00 to 1864.57.

  2. Shorts, reckoning on break of 1884.23, to 1864.57.

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