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XAUUSD market technical outlook

Daily chart: 

Growth of the gold rate is complicated due to the presence of two strong resistance zones 1750.00-1751.00 and 1755.34-1759.00 and also because of fully formed bullish swing. Most likely local sell-offs will go on at these zones.


Local upswing is developing and shortly it will be testing resistance 1749.00, which is capable of reversing the rate to 1736.00 (black arrow). As we see, the market doesn’t have a steady directed tone, therefore it’s the most likely scenario. 


Main scenario: Touch of 1740.00 followed by decline to 1736.00.

Alternative scenario: Short-term upward break to 1751.00-1755.00 followed by a steep downward reversal.

Trading recommendations:

  1. Shorts from 1740.00 to 1736.00.

  2. Pending shorts from 1755.00.

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