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XAUUSD market technical outlook

Daily chart:

Gold market so far remains bracketed in the range between support level 1764.68 and resistance 1810.17-1818.32. The asset is being sold from the upper zone as willingly as it’s actively being bought out from the lower boundary.

Yesterday’s pinbar became the symbol of this tendency, which can’t be considered a buy signal though as downswing wasn’t completed.

H1-chart:

Mid-term downtrend has fully bearish structure, which besides that undergoes a trending stage. Thus chances are for the sellers’ attack in direction of support level 1783.31 that coincides with a scenario of downswing forming on the daily chart.

Conclusions:

Main scenario: Decline to 1783.31 with aim at 1764.68.

Alternative scenario: Upward bounce off 1783.31 in direction 1793.66-1795.42.

Trading recommendations:

Shorts to 1783.31, 1764.68.

 

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