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XAUUSD market technical outlook

Daily chart:

The bulls secured a very important renewal of the high making the whole mid-term structure an upward one. This, in turn, means that downward correction, which is in progress currently, will be limited by support at 1756.21-1758.00. 

H1-chart:

Trending downswing is forming within the local structure. Thus, in case of a break of the closest low at 1770.80, we would expect reaching the next support at 1756.21-1758.00 (black arrow).

However we need to remember that there is a supply area at the resistance zone 1797.50-1798.65 secured by the bearish pattern O&U that doesn't rule one more upward pullback (red scenario on the chart).

Daily chart:

Conclusions:

Main scenario: Decline to 1756.21-1758.00 followed by an upward reversal.

Alternative scenario: New upward correction from 1770.80 in direction 1797.50-1798.65.

Trading recommendations:

  1. Shorts to 1756.21-1758.00.

  2. Pending shorts from 1797.50-1798.65.

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