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XAUUSD market technical outlook

Daily chart:

Corrective upswing has signs of buyers’ weakness at the PPZ 1850.00-1860.00. This area is a very attractive zone for new mid-term sell-offs during overall downtrend.

H1-chart:

Local downward structure almost finished forming a pullback and is poised for downward reversal. Utmost zone of growth in these conditions is resistance 1843.56-1844.50. Targets of decline are 1829.00 and 1823.40.

Conclusions:

Main scenario: Decline from 1843.56-1844.50 in direction 1829.00 and 1823.40.

Alternative scenario: Reaching 1850.00 and downward reversal afterwards.
Trading recommendations:

Shorts from 1843.56-1844.50 and 1829.00 and 1823.40.

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