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XAUUSD market technical outlook

Daily chart:

Gold plunged during Friday's session and Monday opening. But during European session it’s being actively bought out from the support zone 1817.06-1817.93. As it can be seen, a bullish pinbar at the tip of downswing might be received by the end of today’s session (blue mark on the chart) that would be a solid buy signal for tomorrow (black arrow).

But we could attest this pin only at the end of the day, therefore bears still keep chances to nullify all achievements of buyers and continue downward rally to 1800.00 and 1765.00 (blue arrow).

H1-chart:

Local downward structure is forming corrective upswing. Critical height of pullback is the closest local high (1856.35). In case of its break downtrend will be disrupted that might drive to further recovery of the asset in direction 1880.76 (red arrow).

Conclusions:

Main scenario: Settling above 1856.35 and forming a bullish pinbar by the end of the day on the daily chart.

Alternative scenario: Pullback to 1856.35, then steep downward reversal and extension of decline in direction 1800.00.

Trading recommendations:

  1. It‘s better to go long according to the main scenario tomorrow as the bullish pinbar most frequently is executed via prior downward pullback to the zone of 50% pin size.

  2. Shorts from 1856.35 (in case an alternative scenario is confirmed).

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