$XAUUSD Outlook

$XAUUSD fell sharply this week from 61.8% level of October downtrend around $1,748 but quickly found support around $1,705. I think it is the key level to keep the  short-term bull scenario alive. Upside targets are $1,768 (78.6% of $1,795.1 to $1,671.9) if it can hold above $1,748 (61.8%). A slip below $1,700 should trigger sell-offs targeting $1,670. 

$XAUUSD 4-Hour Chart - Short-term bullish scenario.

 

$XAUUSD Daily Chart - Bearish scenario if price move below $1,700.