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XAUUSD market technical outlook
2020-02-04 09:02:13
Corrective downswing of gold is fully completed, therefore despite the absence of any direct long-signal we can expect new upward reversal at any moment.
Key support now resides at the area of last local low (1563.16): we can consider downward reversal of the trend in case this level is broken.
H1-chart:
Local structure has signs of downward reversal, however bears have a very strong and stiff support zone 1570.40-1571.04 on the way. Bulls will keep high odds for upward start in direction 1582.79 while this zone is unbroken (see the black arrow).
If sellers pierce 1570.40-1571.04, gold might slump toward 1563.16.
Conclusions:
Main scenario: Upward bounce off 1570.40-1571.04 in direction 1582.79.
Alternative scenario: Break of support 1570.40-1571.04 and further drop of the quotes to the 1563.16 region.
Trading recommendations:
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Above 1570.40-1571.04 - longs to 1582.79.
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Below 1570.40-1571.04 - shorts to 1563.16.
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