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XAUUSD market technical outlook

Daily chart:

As it often happens during the phases when market reaches new peaks, the asset switches to correction instead of blustery extension of growth. Investors are striving for booking good profits that facilitates dampening of uptrend.

By the end of yesterday’s session a bearish inside bar was formed at the tip of upswing being a solid signal.

Thus we can expect a development of downswing in direction of support zone 1757.00-1758.00.

H1-chart:

“Double bottom” is being formed at the area of local support 1795.00. This means that gold may retrace to the upside to 1804.78-1805.75 before resumption of decline. However it’s very unsafe to go long during such correction and it’s better to use it for getting the opportunity to enter shorts a bit higher.

Conclusions:

Main scenario: Growth to 1804.78-1805.75 and then decline to 1790.00 and lower.

Alternative scenario: Extension of decline in direction 1780.00 and 1775.00 without prior correction.

Trading recommendations:

Shorts from 1804.78-1805.75 to 1790.00, 1780.00.

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