XAUUSD market technical outlook

2020-01-16 09:15:13

Daily chart:

Forming of upswing is in progress. Growth within it might be hampered due to the absence of direct long-trigger. Nevertheless, bulls are quite capable of testing 1575.00-1585.00 region today.

H1-chart:

Local structure has a flawless upward tone, therefore a signal received at the tip of corrective downswing (bullish inside bar, marked with yellow on the chart) is a serious sign showing that buyers will dare to attack the closest high (1558.00).

Conclusions:

So, we expect growth above 1558.00 in direction 1575.00-1585.00.

Trading recommendations:

Longs to 1558.00, 1575.00, 1585.00.

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