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XAUUSD market technical outlook

Daily chart:

The bears easily broke the psychological support 1800.00 yesterday and today are poised to attack the local structure’s low at 1784.73. There is a slight threat of forming the reversal pattern “double bottom” (if the sellers don’t overcome the mentioned support level). But this scenario (red trajectory)  is less likely than the option with extension of decline (black arrow).

H1-chart:

Within the local structure of gold we observe a confident bear trend with already completed upward correction. Thus we can consider short trades from current levels holding positions to 1770.00, 1760.00, 1750.00.

Conclusions:

Main scenario: Decline to 1770.00.

Alternative scenario: In case of inability to pass support 1784.73, the market might recover for a while to 1800.00-1810.00.

Trading recommendations:

Shorts to 1770.00 (and 1760.00, 1750.00 - in medium term).

Latest news

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