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XAUUSD market technical outlook

Daily chart:

Yesterday’s steep decline of the gold’s rate suggests a necessity of correction of the market, which grew too long and too sharply. Let’s note that corrective swing wasn’t completed so far, therefore a tendency to decline in direction 1898.73-1905.00 (black trajectory) and 1875.00 (blue scenario on the chart) might remain in place.

H1-chart:

Local structure has a downward reversal of the trend, but undergoes upward correction now. Potential of corrective growth might be limited by resistance zones 1940.00-1941.00 and 1955.00. There is an offer area at the latest mark according to O&U pattern.

Conclusions:

Main scenario: Growth to 1940.00-1941.00, then decline in direction 1900.00.

Alternative scenario: Upward movement to 1955.00 followed by a steep downward reversal.

Trading recommendations:

  1. Deliberate longs to 1940.00-1941.00 and perhaps to 1955.00. Anyway, the key tactic today is seeking shorting options, therefore we can abstain from longs in case of a conservative trading.

  2. Shorts from 1940.00-1941.00 and 1955.00.

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