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XAUUSD market technical outlook

Daily chart:

Gold hasn't formed a full-fledged downswing yet. The qualifying condition for this is a renewal of yesterday’s low (1846.93), after that the bulls might undertake an attempt of attack (black trajectory).

But a more reasonable development would be an extension of decline in direction of the support zone 1810.17-1818.32 (red scenario on the chart).

H1-chart:

Local structure has signs of a reversal pattern “Head-and shoulders” with an already formed right shoulder. Thus drop of the rate might take place right from the current levels (red arrow).

But we can’t neglect support zone 1846.93-1849.53, which is capable of triggering a development of upward correction in direction of resistance 1859.73-1861.39 (black trajectory).

 

Conclusions:

Main scenario: Drop to 1837.00 with aim at 1810.17-1818.32.

Alternative scenario: Testing of 1846.93-1849.53 followed by an upward pullback in direction 1859.73-1861.39.

Trading recommendations:

Shorts to 1837.00 and 1810.17-1818.32.

 

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