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XAUUSD market technical outlook

Daily chart:

The bulls desperately keep guarding the psychological support for gold at $1700 for an ounce. But advantage is apparently on the sellers’ side, who have full-fledged downward structure and still incomplete bearish swing to their credit. Thus there are big odds of the rate drop extension in direction of the closest low (1676.56). 

H1-chart:

Development of the local downswing goes in the course of probable execution of the O&U pattern that also facilitates further drop of the rate. The closest significant support can be met at 1707.70 and 1698.96, however according to the downtrend principles they are highly likely to get broken as well. 

Conclusions:

Main scenario: Decline to 1698.96-1700.00 followed by extension of decline in direction 1676.56.

Alternative scenario: Development of upward correction from 1698.96-1700.00 in direction 1720.00.

Trading recommendations:

Shorts in direction 1700.00 and 1676.56.

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