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XAUUSD market technical outlook

Daily chart:

Downswing of gold has renewed another low today that fully maintains further downtrend. Yes, we know a property of the market to switch into correction after a new extremum, however in this situation an extension of decline looks more likely. The next probable stop is 1740.00-1750.00.

H1-chart:

Local downswing has a very big amplitude that will facilitate development of correction. Overall decline, supposedly, might resume from 1770.00-1773.00, where the price might roll back from current levels.

Conclusions:

Main scenario: Pullback to 1770.00-1773.00 followed by resumption of decline in direction 1750.00 and 1740.00.

Alternative scenario: Direct extension of decline to 1750.00 and 1740.00.

Trading recommendations:

Shorts from 1770.00-1773.00 to 1750.00 and 1740.00.

 

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