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XAUUSD market technical outlook

Daily chart:

Gold market keeping to renew local lows decreases the number of those who are willing to buy as well as the real buyers. As a rule such maneuvers end up with upward movement after all. Moreover, as we see, a bullish pinbar might be formed at the tip of downswing. Probable targets of growth might be 1857.06 and 1874.96. 

H1-chart:

Local structure has an explicit downward tone and on top of that it completed another upward correction. Given the testing of the strong PPZ 1837.28-1839.38 there are big odds for another drop to the new low (below 1810.07).

Conclusions:

Main scenario: Downward reversal from 1837.28-1839.38 to 1810.00 and 1800.00.

Alternative scenario: In case of settling above 1837.28-1839.38, the rate might grow to 1857.06.

Trading recommendations:

Shorts from 1837.28-1839.38 to 1810.00 and 1800.00.

 

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