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XAUUSD market technical outlook

Daily chart:

Gold failed to stay within a potential corrective upswing that was predictable due to the absence of direct buy signal at the tip of downswing. At the same time a tendency for upward bounce off the strong support at 1718.89-1721.04 may remain in place. 

H1-chart:

Chaotic expanding nature of the local structure also speaks for extension of a flat scenario today. Key resistance zone is 1729.44-1731.65. Break higher will create a short-term potential for recovery to 1738.13-1738.85 (black trajectory). And there is an equal probability that the price might roll back to the downside from current levels in direction 1722.88-1724.75 (red arrow).

 

Conclusions:

Main scenario: Growth to 1728.13-1738.85 followed by decline to 1731.65, 1729.44.

Alternative scenario: Decline to 1722.88-1724.75 followed by growth to 1729.44-1731.65.

Trading recommendations:

  1. Longs to 1728.13-1738.85.

  2. Shorts from 1728.13-1738.85 to 1731.65 and 1729.44.

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