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XAUUSD market technical outlook

Daily chart:

Bullish inside bar, which was formed Friday, indeed influenced the market that showed a tangible false upward break. This opens prospects of forming a full-fledged corrective swing that requires renewing yesterday’s low (1855.00) by bears. Thus we expect a second testing of 1850.27-1860.00.

H1-chart:

Local downward structure is forming new trending downswing that also speaks for a scenario of decline under the closest low ($1855 for an ounce).

Conclusions:

Main scenario: Decline to 1850.27.

Alternative scenario: Deeper decline in direction 1830.00-1835.00.

Trading recommendations:

Shorts to 1850.27 and perhaps to 1835.00, 1830.00.

 

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