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XAUUSD market technical outlook

Daily chart:

Gold slumped under the psychological support level 1700.00 yesterday and today we observe initial attempts of the bears to lock in profits that potentially may lead to a session close by the bullish pinbar. We won’t rush with drawing conclusions as this fall really looks head-spinning. Nevertheless correction of the price to 1715.00-1720.00 looks reasonable.

H1-chart:

Within the local structure a corrective upswing is being formed. Downward structure will keep being viable until the closest local high at 1719.96-1722.88 remains unbroken. Also we have a strong resistance at 1701.66-1707.00 (black trajectories).

Conclusions:

Main scenario: Forming of upward correction in direction 1719.96-1722.88.

Alternative scenario: Curbed correction to 1701.66-1707.00 followed by a downward reversal in direction 1680.00.

Trading recommendations:

  1. Longs to 1701.66-1707.00 and 1719.96-1722.88.

  2. Seeking probable local sell signals at 1701.66-1707.00 and 1719.96-1722.88.

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