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XAUUSD market technical outlook

Daily chart:

The quotes of gold predictably slid to the area of the latest structure’s low (1676.56). At the same time a new low wasn’t broken so far meaning that the ongoing process may have the signs of the Double bottom pattern. If the structure manages to keep this mode, the asset will recover its positions to 1718.89 (black arrow). Otherwise, the fall can be extended in direction 1650.00.

H1-chart:

Within the local bearish structure the forming of corrective upswing is in progress with development potential at the area of the closest broken low (1701.66-1705.58). Thus this zone is of interest for the following sell-offs in the course of overall downtrend of gold.

Conclusions:

Main scenario: Growth to 1701.66-1705.58 followed by decline in direction 1677.64.

Alternative scenario: Recovery to 1718.89.

Trading recommendations:

  1. Longs to 1701.66-1705.58 and perhaps to 1718.89.

  2. Seeking probable sell signals at 1701.66-1705.58.

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