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XAUUSD market technical outlook

 Daily chart:

Accumulation of volumes at the tip of upswing is in progress. At the same time a bunch of pin-like bars suggests unwillingness of the bulls to cede the asset for new sell-offs. Under such conditions, despite positioning advantage of the bears, traders should keep patience in order to get clearness regarding further intentions of the market.

H1-chart:

Within the local structure a contraction of the trading range goes within the scope of recent swing (1730.68-1740.63). One of the likely scenarios today is retention of this tendency (black trajectory). And in case the rate goes lower, we would expect an attempt of the sellers’ move to the psychological support 1700.00 (red arrow).

Conclusions:

Main scenario: Extension of consolidation in the 1730.68-1740.63 range.

Alternative scenario: Decline to 1700.00.

Trading recommendations:

  1. Short-term trades inside the 1730.68-1740.63.

  2. Mid-term shorts from 1740.63 to 1700.00.

  3. Shorts, reckoning on break of support 1730.00, to 1700.00.

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