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XAUUSD market technical outlook

Daily chart:

Gold, having renewed the low yesterday, may well afford an upward correction. Especially if today is closed by the bullish inside bar. This would allow the market to recover positions to 1810.17 (red scenario on the chart).

However it’s too soon to discuss forming of this signal so far, therefore a threat of the quotes’ fall extension from current levels will remain in place (black arrow).

H1-chart:

Within the local structure there is a fully completed corrective upswing, which at this moment is testing PPZ 1783.42-1785.72. There are big odds for sell-offs from this zone

Conclusions:

Main scenario: Decline from 1783.42-1785.72 in direction 1760.00-1765.00.

Alternative scenario: Break above 1783.42-1785.72 with the close of the day in the shape of a bullish inside bar that would become a buy signal for tomorrow.

Trading recommendations:

Shorts from 1783.42-1785.72 to 1765.00, 1760.00.

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