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XAUUSD market technical outlook

Daily chart:

Structure of the gold market keeps sideways mode. Both the support zone 1718.89-1723.90 and resistance 1756.11-1760.43 look stable. It seems that we’ll get a retention of tendency for consolidation inside this range.

H1-chart:

Local structure looks quite scattered, though we need to note an apparent advantage of the bears in momentum. Support zone 1723.81-1727.40 so far appears impassable and we can consider long trades from this region in direction 1740.63-1742.16 and 1745.02-1746.40 (scenario 1 on the chart). Another option might be reaching the two resistance zones (1740.63-1742.16 and 1745.02-1746.40) from current levels with the following drop of the rate (scenario 2). 

Conclusions:

Main scenario: Decline to 1723.81-1727.14 followed by growth in direction 1740.63-1742.16 and 1745.02-1746.40.

Alternative scenario: Growth in direction 1740.63-1742.16 and 1745.02.1746.40 followed by a downward reversal in direction 1733.03-1734.23.

Trading recommendations:

  1. Longs from 1723.81-1727.14 to 1740.63-1742.16 and 1745.02-1746.40.

  2. Shorts from 1740.63-1742.16 and 1745.02-1746.40 to 1733.03-1734.23.

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