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XAUUSD market technical outlook

Daily chart:

Bearish inside bar was formed at the tip of the upswing yesterday that might be a sign of correction ending. Today the bulls exhibit a tendency for the second testing of supply zone 1745.38-1756.11, where we can expect an active phase of sell-offs and, as a consequence, a downward reversal in direction 1718.00-1719.00.


Within the local structure the peak wasn’t renewed, though the tone of growth has signs of an uptrend (in particular - step-type growth of supports and a break of one of the local highs). We can expect the forming of an intermediate downswing in direction of the closest low (1733.00 region), where it will get clear whether the bears are ready to break this structure for extension of the mid-term downtrend or we deal with a preparation of an upward reversal.


Main scenario: Decline from 1742.90-1745.11 to 1733.00.

Alternative scenario: Testing of 1750.00-1756.11 and then a downward reversal in direction 1733.00.

Trading recommendations:

Shorts from 1742.90-1745.11 and 1750.00-1756.11.


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