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XAUUSD market technical outlook

Daily chart:

Gold proceeds in a very confident downtrend, but here, in sync with the GBPUSD pair, a bullish inside bar is being formed at the tip of downswing that might drive at least to a strong upward correction in direction 1784.64 and 1810.17. 


Local corrective upswing is fully completed that might interfere with further process of the rate recovery. Yes, so far the structure doesn’t have a direct sell signal, but we should be prepared for the sellers to perform a new attack in direction of the latest low (1716.95, blue arrow) at any moment. Otherwise the bulls will get an opportunity for advancing in direction 1783.24.


Main scenario: Growth in direction 1783.24.

Alternative scenario: Extension of decline in direction 1716.95.

Trading recommendations:

Seeking additional local signals confirming any of the two scenarios.


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