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XAUUSD market technical outlook

Daily chart:

Gold broke two bearish inside bars to the downside that can be treated as a sign of market’s uncertainty: it looks like decline of the quotes will be extended. In case support 1831.18 gets broken, the next target of the sellers will be 1810.17-1818.32. 

H1-chart:

Local structure has a steady bearish tone, though we can’t rule out an intermediate upward correction to the PPZ 1843.00 - we see that trending swing might be exhausted. At the same time it’s dangerous to consider longs on such a market and it’s better to leverage upward movements for gaining short positions.

Conclusions:

Main scenario: Decline in direction 1810.17-1818.32.

Alternative scenario: Testing of 1831.18 followed by upward correction to 1843.00 and afterwards decline will resume.

Trading recommendations:

  1. Shorts to 1810.17-1818.32.

  2. Pending shorts from 1843.00 (in case an alternative scenario kicks off).

  3. Counter-trend long trades from 1831.18 to 1843.00 are possible (for aggressive traders).

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