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XAUUSD market technical outlook

Daily chart:

Support at 1810.17-1817.32 keeps demand for gold, though yesterday’s close in the shape of bearish inside bar can’t help casting doubts that the market will recover.

Nevertheless while this zone remains unbroken, it’s going to be easier for the structure to get a new bullish swing in direction 1855.12-1857.06 (black arrow) than continuing current bearish one.

In case the sellers succeed with this maneuver, the rate might plummet to 1784.83 (red arrow). 

H1-chart:

Local structure doesn’t have a steady tendency and is bracketed between strong zones of support (1815.00-1816.00) and resistance (1823.94-1826.29). It’s quite possible that we’ll see active trading inside this zone (red trajectory).

In case the rate goes beyond mentioned boundaries, potential of intraday movement anyway will remain limited.

 

Conclusions:

Main scenario: Flat in the 1815.00-1826.29 range.

Alternative scenario: Growth to 1830.00-1835.00.

Trading recommendations:

Trading from the boundaries of the 1815.00-1826.29 range.

 

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