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XAUUSD market technical outlook

Daily chart: 

We note a tangible increase of trading intensity. As we see, the market retains bearish momentum and may slide below the psychological mark of $1700 an ounce as early as today. In case this scenario pans out, we would expect an extension of downswing in direction of the latest structure’s low (1676.56).  


Local trend is also bearish one, besides that gold undergoes the trending distribution stage. Well, it's the reaction on 1700.00-1703.00 that will have the key meaning today as this zone keeps some chances for an upward reversal.


Main scenario: Break of the support zone 1700.00 and decline to 1690.00, 1685.00 with aim at 1676.56.

Alternative scenario: Upward bounce off 1700.00-1703.00 and recovery to 1715.00-1720.00.

Trading recommendations:

  1. Below 1700.00 - shorts to 1690.00, 1685.00, 1680.00.

  2. In case an alternative scenario gets confirmation - longs to 1715.00-1720.00.

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