XAUUSD market technical outlook

Daily chart:

Bullish swing got stuck during an attempt of passing by the complex pivot 1810.17-1818.32 that drove to a reverse bearish close of yesterday’s session. This formation is not a full-fledged trading setup, however it can well drive to a downward reversal in direction 1784.68 (red arrow).

We would consider extension of growth in case the bulls will manage to settle above 1818.32 today (black arrow).

H1-chart:

Within the local structure a reversal bearish pattern Over&Under was formed. Recommended sell entry point is the penultimate high (resistance zone 1812.32-1813.47). As we see, it was tested already, therefore decline of the rate may take place at any moment. Targets of the sellers are 1800.00 and 1795.42.

Conclusions:

Main scenario: Decline from current levels in direction 1800.00 and 1795.42.

Alternative scenario: Break of resistance 1812.32-1813.47 and growth to 1820.00.

Trading recommendations:

Shorts to 1800.00 and 1795.42.