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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.

H1-chart:

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. 

Conclusions:

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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