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XAUUSD market technical outlook

 Daily chart:

Gold market continues to consolidate below the resistance zone 1756.11-1760.43. This can be treated as an accumulation for the next trending downswing. But so far the structure didn’t get a direct short-trigger. 

H1-chart:

Local trend keeps sideways mode. The structure is bracketed between strong zones of support (1732.29-1733.03) and resistance (1745.02-1746.40). Extension of price oscillations in this channel is highly likely (red trajectory). In case support 1732.29-1733.03 gets broken, we would be able to consider a short-term impulsive decline in direction 1723.94-1723.00.

Conclusions:

Main scenario: Flat in the 1732.29-1746.40 range.

Alternative scenario: Drop of the quotes to 1723.94-1724.00.

Trading recommendations:

  1. Short-term trades to both sides inside the 1732.29-1746.40 channel.

  2. Mid-term shorts to 1723.29-1724.00.

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