XAUUSD market technical outlook

2020-03-09 09:29:46

Daily chart:

Another price high was posted today during development of upswing giving chances for correction of gold in direction 1650.00. But we need to understand that so far there are no any signals of correction start and bulls are quite capable to continue uptrend from current levels.

H1-chart:

Local upward structure has completed forming of corrective swing with bullish inside bar at tits tip. It’s a significant long setup which allows opening long trades from current levels with cont on break of the last high (1702.84).

Conclusions:

Growth above 1702.84 in direction 1710.00-1720.00.

Trading recommendations:

Longs to 1702.84, 1710.00, 1720.00.

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