XAUUSD market technical outlook

2020-02-10 09:37:06

Daily chart:

Bearish pin might be potentially formed at the tip of upswing (round black mark) that would be a signal for new downswing start tomorrow.

If bulls manage to renew today’s highs upswing might reach 1588.42 (see the black trajectory).

H1-chart:

Local structure so far is bracketed between support zone 1568.95-1569.63 and resistance 1573.00-1574.00. It looks like we’ll see continuation of flat in this range.

Conclusions:

Flat in the 1568.95-1574.00 range.

Trading recommendations:

Short-term trades inside the 1568.95-1574.00 channel.

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