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XAUUSD market technical outlook

Daily chart:

Gold has fully formed downswing that may hinder passing of the price through support zones 1858.00-1860.00 and 1850.00. Nevertheless, let’s note that there are no direct signals of decline ending, therefore it’s sellers who will possess the positioning advantage.

H1-chart:

Local downward structure undergoes a trending stage, therefore a further negative scenario on gold has better chances. We expect a decline to 1850.00 and the market's reaction to this support.

Conclusions:

Main scenario: Decline to 1850.00 and upward reversal afterwards.

Alternative scenario: Break of support 1850.00 and further drop of the quotes by $5-10 in direction 1845.00 and 1840.00.

Trading recommendations:

  1. Shorts to 1850.00, 1845.00, 1840.00.

  2. Longs from 1850.00 (in case of getting confirming signals on local H1-H4 charts).

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